Although I have been somewhat inactive on hive the past few years, I have been watching the crypto market - and the value of the hive token - carefully, and have been impressed by recent price increases, particularly the pump in the early hours of this morning.
So... what is behind this price increase?
It seems that last night's price pump from approx. $0.38-$0.67 has followed the CoinMarketCap app posting news about both a Bybit listing of a HIVE/USDT perpetual contract (with 75X leverage) and a Binance Futures listing. Although the app says 'listing update' was posted on 23/12/2024, I didn't see this news on CoinMarketCap app until today.
This leads me to believe that we are seeing a speculative volume explosion based on this news reaching CoinMarketCap users.
This Bybit listing isn't fake news, and could be a very good thing for the price of Hive long term. Although I do wonder if in the short term it is most likely to lead to higher volatility and price swings, both up and down.
Why the tumbleweed here on hive?
I'm kind of surprised I don't see people making a bigger deal out of this Bybit listing on hive.
Bybit is one of the premier exchanges for leverage/futures trading in certain countries, and the volume that is generated by traders buying/selling hive to place their leveraged bets on price direction is good news for hive, a token that has historically had limited liquidity (people willing to sell).
In the perfect storm scenario, the price could catapult upwards in the near-term due to the hive community's reticence to sell their powered-up hive. Although the rewards witnesses and hive based businesses need to sell could fill a liquidity gap, it wouldn't be enough to stop their being a hive token supply shortage if big traders get involved with their bot trading accounts on Bybit.
The only caveat I would add to this rather rosy hypothesis 😂 is that anyone trying to predict the market movements on the relatively short term would be well advised to study the patterns of bot trading used on the Bybit perpetual contract that has currently been live for 14 days.
I am aware that some other exchange listings have happened recently, including one on Bitpanda which is quite new, so perhaps the combined effect of these listings is finally reflecting on the hive token price.
What do you think about this hive price increase?
Is it the beginning of an old school (2017 style) alt season proper?
Or is this price action news driven?
If you'd like to vote on the poll I set up on InLeo threads, check it out here:
https://inleo.io/threads/view/raj808/re-leothreads-33svfcmut
Posted Using InLeo Alpha
I noticed the price action and t be honest was really surprised.
So we're now on the road of being listed on Bybit...
Wonderful. Hopefully it goes just higher from here...
Hi seki1
we're already listed on Bybit, trading started 14 days ago. The 4th picture in this post shows the bybit hive/usdt trading page 😃
It's great for the price, and hopefully hive will go higher in the future. But is seems a little oversold right now, so I wouldn't be surprised if it retraced downwards a little first, before finding a new base.
Ohhhh
Nice nice
Thanks for clearing that up
Didn't hear about the Bybit listing but I did notice a crazy amount of trading volume in the last 24 hours.
Onwards and upwards!
Happy New Year :^)
Happy new year @vincentnijman
Yeah, I'm convinced the big up in price last night is linked with all these exchange listings, not 100% sure it is Bybit, but I think it might be as although it started trading on Bybit 14 days ago, CoinMarketCap only posted a link to the announcements about Binance and Bybit Perpetual Contract Listings on their hive chart last night. So I think that the large community of CoinMarketCap only saw that news last night, hence massive volume on speculative buying.