Binance added HIVE to its futures platform a couple weeks back. This was something that was not given a great deal of publicity on Hive but was an important step.
It was well known that pumps were driven mostly by one single Korean exchance. Since that is closed to outisiders, and there is a fair bit of HIVE on the exchange, the Koreans has the ability to push the price where desired. At times, there were some pretty big pumps, followed by the ineviatble dumps.
Binance is one of the largest global crypto exchanges. Adding the HIVE/USDT pair to its future platform was an enormous step. This opened up a host of possibilities, including institutionts to get involved with HIVE.
Of course, we have to state that this has nothing to do with the token. A futures constract is a derivative based upon some underlying asset. It is, however, a vehicle for trading.
Also, the impact of futures on the asset it is associated with can be huge.
HIVE Pump And Futures Volume Exploding
Here is what the futures page looks like at the moment.
As we can see, there is over $200 million in volume over the last 24 hours. This is in addition to any activity that took place with the token itself. According to Coingecko, there is roughly $325 million in volume on centralized exchanges over the last day. The internal market is close to $100k, giving a trading volume on the coin of $425 million.
That means the Binance futures market is roughly half of what the coin traded. It is actually less if we include some of the other exchanges that have futures trading
Is Binance having any impact?
It is hard to tell. The Koreans are known to pump the coin, something they have been doing for years. However, with such a large pool for futures trading, things could be changing.
How powerful can this be? It is not unheard of for the derivative to lead the price of the underlying asset.
For example, there was a periond (which lasted a number of years) where the options market was what drove the price of Apple. The volume was so great on the options market, with so much traded, that it actually overwhelmed the stock moves.
Is this the case here? There is no way to tell. However, having added liquidity is always a help.
Will this be sustained? Again, who knows. The only thing we can do is enjoy the ride while it lasts.
Posted Using InLeo Alpha
I come here and read this 5 hours after your post and the current 24h $USDT volume is at 560M and rising rapidly with a price of $0.52. Not too shabby.
Here's hoping It doesn't fall just as rapidly as it went up!
It is more likely than not to fall. The price has gone higher it seems.
What is positive is the exposure traders are getting. It will going to have some people watching to trade again in the future.
Yeah. We need usage growth more than price growth right now. Big prices are not really sustainable without a growth in the user base/apps/usage.
Today Hive pumped over 50 cents which is crazy, it is bound to be noticed in a wider crypto market if it keeps going like this... Can't wait to see top crypto influencers talk about HIVE.
Interested hive price analysis and Right that daily volume has gone crazy after futures listing. Earlier this volume was around 10-15 million max and now it's like 500 million. Its a crazy amount of volume and I've checked just now that hive has touched 0.51 after almost 700 days and its a big price break
insane. 1 dollar hive soon at this rate
Gotta love the God Candles! Who would short this thing?!
It's great to see HIVE gaining traction on Binance's futures platform, as it opens up new liquidity and trading opportunities that could attract more investors, including institutions.
The significant trading volumes indicate growing interest, but we should remain cautious. This can't be overemphasized!
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It is a typical Korean Pump and Dump. 82% of the Volume trading on Korean exchanges in Hive/KRW pair. $HIVE will go back down to where it was before the pump and dump started