A lot of the crypto market caps are crazy given the lack of actual usage and utility. Hive should rank much higher. @blocktivity is interesting in ranking by activity. It has a ratio of transactions to market cap (Bitcoin is fixed at 1). Hive usually ranks highly by that, but the number seems broken right now. Hive has about as many transactions as Bitcoin. A lot of that is games, but it shows it is used.
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I never felt that Blocktivity accurately reflected the PoW chains. It always seemed low with both Bitcoin and Ethereum.
But you are right, it is another way of looking at what is taking place on Hive compared to other chains that are ranked much higher.
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