The price of Hive (HIVE) has shot up 800% in just four days after several major exchange listings. The cryptocurrency was created as a fork of the Steem blockchain by its community, after Tron CEO Justin Sun took over the network.
The cryptocurrency is now trading at $0.661 and has attained a market capitalization of $186 million, making it the 38th largest cryptocurrency by market cap. To put this into perspective, Hive was valued at just $0.12 on April 22 and had a market capitalization of $37 million at the time.
Hive is now worth more than three times as much as the original STEEM cryptocurrency, which also experienced a pump of 39% in the last 24 hours to reach $0.228.
— Binance (@binance) April 27, 2020
The recent bullish momentum appears to be the result of several back-to-back listings on prominent cryptocurrency exchanges, including Binance and Huobi Global. Hive is now available to trade on half a dozen popular exchanges, which also includes Bittrex and Probit.
Huobi Global first announced it would support the Steem blockchain fork back in March, but only opened up withdrawals for the cryptocurrency earlier today. Similarly, Binance distributed HIVE tokens at a 1:1 ratio to all STEEM holders on the platform last month, and opened trading for the cryptocurrency earlier today.
Shortly after being listed on Binance, Hive briefly shot up to as high as $0.92, after initially opening at $0.418, according to TradingView. The cryptocurrency quickly lost momentum and fell back to a low of $0.62 before recovering somewhat. The price is now fluctuating wildly, but appears to be trading in a range of $0.63 to $0.70 on Binance, or around $0.83 on Huobi Global.
Although the two platforms are trading at different rates, Binance has yet to open deposits and withdrawals for Hive which means traders can't send money between the platforms to take advantage of the difference in prices. But it seems the community won't care—it's a big win not only for their control of the blockchain they love, but for decentralization too.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.