It's no secret that many altcoins (such as Hive) show a large amount of price appreciation in correlation to the rising of Bitcoin.
If you receive price notifications from platforms like Coinbase, you may have seen that the rising price of BTC has an enormous effect on all cryptocurrency.
"Bitcoin is up 5%"
Followed by a notification "XLM is up 10%"
Then, "XRP is up 10%"
..and "EOS is up 10%"
... the list goes on...
It seems every time Bitcoin makes a move, other cryptos make an even larger one.
So, What Effects Might Bitcoins Halving Have On Hive?
For those of you who don't know what Hive is, it is an altcoin built on the Steem blockchain. Most of the entire community from Steem made the move after an effort to defend the community from Justin Sun's malicious attack on the Steemit project. The community did this by executing a hardfork and airdropping newly created 'Hive' coin into the wallets of community members.
It was a valiant effort by developers to salvage their precious community. The fork was successful and Hive is up and running. The teams are developing even more security against attacks of such intent in the future, while also creating new frontends to access the blockchain community. They have gaming communities that run on Hive such as the crypto card game Splinterlands.
The Hive Project is Straight Up AWESOME.
However, as we have come to find out, the price of a coin is more affected by mass adoption than by its community alone. Hive operates similarly to Steem by awarding users for their posts from a 'daily rewards pool'. Members upvote other members (awarding them real money). The value of their vote depends on how much 'Hive Power' they possess.
Mass adoption increases the scarcity of that daily rewards pool and also brings Hive more exposure to investors who see the project as a good investment for the future.
Hive's Release Onto Major Exchanges Was Beneficial
Hive has been released onto major crypto trading platforms like Bittrex and Binance. Recently it got a HUGE amount of attention on Bittrex and skyrocketed from a mere 0.16 cents, 10X, peaking at $1.60.
Since then it has dropped all the way back down to a low of 0.24 and begun to move its way back up to 0.26.
With Bitcoins halving, more attention will likely be put on cryptocurrency. Newcomers will want to join communities in which they can learn, earn, share, and have the potential for great gains in the future.
Hive could certainly be set to gain.
If you haven't joined the Hive community, it is a great place. You can get started here:
https://hiveonboard.com?ref=badseedalchemist
P.S. Thanks for Reading!
Disclaimer: Investing of any kind involves risk. Investing in cryptocurrency involves even more risk and volatility. There are opportunities to make great profits, but with those opportunities comes the potential for great loss. Educate yourself before making any investment decisions. This article is my personal opinion and not investment advice. Any gains or losses you may incur are your own. I will not be liable.
