If the largest trading pair for a coin is with a Fiat Currency, there are a few possibilities:
- People are getting out of Crypto
- People are buying in to Crypto
- People are Trading for other currencies that dont have a direct Trading pair
- The Volumes are being manipulated some how
Hive
When you look across different currencies you get some interesting Pictures as to where all the trading volume is occuring. Picking a few coins from the top 10 to look at
BTC
ETH
ADA
The trend is that Most Activity is happening with a Fiat pair, which to me is worrying because
- I dont believe the whole world has just suddenly started buying Crypto but there is certainly money flowing in.
- People are obviously not all selling because the price is going up so I wonder if its mainly option 3 or 4?
What do you think?
are there other possibilities? and what does the volume data say about Hive?
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Ed, excellent data as always. Unfortunately for HIVE it looks like the Korean speculators are fueling the rise. I was really hoping HIVE was catching on with the wider crypto community after all these years.
Having said that, Koreans keep SBD pegged around $6, so if they do the same with HIVE then their speculation could be a positive. HIVE is a chain with long term, proven value, it should be worth as much if not more than it is. The higher price will also drive more interest and users. In other words, who knows what will happen!
I think you have the best conclusion.
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The fact that Hive is more far more exposed to KRW than it is to USDT is some comfort in terms of my fear of a USDT collapse in the near future.
That said, I think Upbit traders are buying speculatively and have no plans to hold Hive for the long term.
The trouble with USDT, if that collapses the ripple effect is going to be felt far and wide in Crypto. Its going to be a very cold winter if that happens.
Most of the crypto currency are buying and most of them are buying too. That's the same way people are buying and also another people are selling too.
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Koreans will dumb HIVE for sure, that's what I see 😅