You are analyzing price movement and not what is taking place on the network. That is the major difference.
Hive fits into the latter category. If nobody uses Bitcoin, it doesnt matter, In fact, that is being sold as a store of value and people like Saylor are accumulating to never use it.
This could be outpaced by networks that have activity. With an agentic internet, this could means some networks have market caps that far outpace the value of Web 2.0 networks. In fact, that is likely.