I have understood many things in the world of crypto but there are still some things that are beyond my understanding. Especially if I talk about #HIVE or #STEEM or their price movement it is still confusing for me. What I am talking about???
Surely this is not only confusing for me but also for other users. And that is the price movement of #HIVE and #STEEM. It is exactly the same. If the volume increases it increases together. If the price rises it rises in the same way even though both are now separate platforms.
Two days ago, I do not know if you noticed or not but I noticed that the volume of #Hive and #Steem was rising together. First the trading volume of both on #Binance was 700K then this volume kept increasing and reached 4M. In the same way price was also rising together. #Hive had a short pump of 5 percent and Steem also followed it.
HIVE CHART
In the same way when the pump ended the volume started to fall and both prices also went down. I have shared the chart of both you can see that volume and price both fell in the same way.
This is very confusing for me who is buying at the same time. Have #Steem and #Hive not separated now If both are different platforms then why is the price similarity there.
It feels to me that this is really being manipulated. There is one group that buys both coins at the same time and also dumps at the same time. What is their purpose that is beyond understanding.
If this manipulation theory is true then its effect directly falls on investor confidence. Small investors or normal traders who take entry after seeing genuine price action often get trapped.
I am surprised that if they want to pump then why do they dump the price again in such a short time. Or maybe the selling pressure of retailers is higher. Investors like us when see that the price has pumped they suddenly sell or maybe they only want to create hype.
STEEM CHART
Maybe it is also possible that they create a trap to keep investors busy in these coins. When individuals buy then manipulators dump the coin to take profit. Anyway these could be some reasons.
This is only one side that happens sometimes but almost all the time the price movement of these two coins is the same. If Hive increases 5% in a bullish trend then on the other side #Steem also increases by 5%. Their price movement is almost the same even though both have different ecosystems. Now both patterns have changed and both ecosystems are in competition with each other.
When there is competition then the price movement should not be exactly the same. The one that shows better development and attracts more investor interest its price should increase.
What is your opinion on this? @tobetada
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LoL, don't worry mate. That all those mysterious maneuvers in the ups and downs of the price of Hive and Steem at the same time, all of that is solely the fault of @trafalgar
Dont have any idea.. 😶
Exactly it's surprising when there is compensation between hive and steel then why their price fluctuate similarly..
Yes, this is what I am confused as well, why is there similarity between them?
Something beyond my understanding brother
They're forks of each other. The team that was once part of Steemit is now on hive. It is common knowledge, they're still trying to outgrow steemit's shadow after the fork
I know that it was part of Steemit and the previous team is now on Hive and wants to work for Hives growth. That part is clear. But my question is .. why the price movement is same? they have similar ups and donws
Steem holders received Hive tokens 1:1 at the fork, tying their initial prices closely
I find the similarity in fluctuation interesting. However, HIVE's market price is a little higher. If your theory is true that a few manipulators are behind the price, I wonder what they achieve by doing so, except, of course, for taking a 5% or 10% profit.
Thats the huge profit they try to hunt
Yes, if the capital is big.