A few hours ago we would still have seen the price of Hive at $0.47, even though it was dropping back at that stage. Today it has pulled back even more to $0.43. Disappointing though this is fret not as it is part of a wider altcoin pull back. Take a look at the chart below and you will see what I mean.
(Source: Coinbase.com)
As you can see all of the altcoins are down around 5-7%, the only exception of course is XRP up 0.41%, which comes as no surprise really given that XRP has been in a league of its own lately with a consistently solid performance and the price rocketing.
Take a look at the Bitcoin price graph for the past 24 hours and you will see that Bitcoin is sustaining around the $105,000 mark.
(Source: CoinMarketCap.com)
This is the pattern we often see, it is a recurring theme in the cryptosphere. Quite often when Bitcoin surges the alts will pause any climb, then they often go into reverse for a short period. The alts then have to wait to see what Bitcoin does before they make their next move.
Whilst I appreciate this is not always the movement cycle it is a common pattern and in a way makes sense. Bitcoin is the gateway cryptocurrency and the coin that influences everything in crypto land, eventually all the alts follow Bitcoin in some way or another despite huge efforts to decouple from Bitcoin, very few tokens have achieved that.
So once again Bitcoin is climbing and we should all welcome that. Take a look at the yearly Bitcoin Dominance chart and you can clearly see Bitcoin has around 57% of the market share.
(Source: CoinMarketCap.com)
Altcoin season will have to keep waiting!
Peace!