Hive Performance

(Hive has climbed 28% in the past 24 hours, representing a $0.09 increase)

It's great to see Hive pumping again, we can all agree on that! This has become a common trend in the past few weeks. Once again we see that Upbit is responsible for most of the trade volume that has resulted in the Hive price surge, claiming 75% of trade volume in the past day. Although Binance and Bithumb are also experiencing a high volume, accounting for 21.4% of the daily trade volume.

(Source: CoinMarketCap.com - Daily Hive Markets Chart)

When the pumping of the Hive market occurs it seems to be around midnight UTC. That is a common feature in all of the recent pumps. You can bet your bottom dollar that many Hive traders out there are now modifying their Hive trade strategy around that time pattern. And those traders are increasing in numbers.

Right now Hive is trading around the $0.42 mark and hit $0.48 last night. The fact it is so far sustaining at the lower forties level is encouraging indeed. I had thought it may have dropped back to around $0.35 by now.

As I enquire within the Hive community and approach those very seasoned Hivians who have been around since the dawn of Hive they themselves are not completely certain what is behind this repeating pump and dump pattern. It's an interesting case study for sure.

As I have remarked in previous posts once the pump and dump cycle is completed Hive usually finds itself in a stronger position than the place it was in before the pump started. It's as though Hive is locking in gains and building on them.

It is worth noting that Steem also climbed by 30% last night when Hive started pumping. On checking with other alts there doesn't appear to be a wider crypto rally, these pumps seem quite exclusive to Hive and Steem for some reason.

Whatever the actual explanations are for these pumps what we can say is that they keep occurring, they are not isolated cases. Given the price trajectory of Bitcoin in the past couple of months it is entirely possible that certain traders out there are becoming more confident in the alts, particularly Hive it seems. Or is this simply a campaign of sustained price manipulation, and teams of traders are working the Hive market purely for their own purposes. I really don't know. But I won't lie I am enjoying the ride!

Peace!