Blockchain platform Hive (HIVE), which forked from the Steem (STEEM) blockchain after a controversy involving a hostile takeover by Tron’s Justin Sun, has seen both massive gains and losses in its price over the past few days, following listings on several major crypto exchanges.
As of press time on Tuesday (10:03 UTC), HIVE was down by 36% over the past 24 hours, trading at USD 0.525. The sharp loss today comes after HIVE gained nearly 40% on Sunday and is up more than 300% in a week. Following the latest gains, HIVE is ranked as the 42nd most valuable cryptoasset in terms of market capitalization, according to CoinMarketCap.
Hive, which was listed on a number of the biggest crypto exchanges – including Binance, Huobi, and Hotbit – just this past week, has already been available for trading against bitcoin (BTC) on Bittrex since it first went into circulation in mid-March. The longest trading history for the asset is thus available against BTC, with all current US dollar markets having been added in the past couple of days. Following today’s losses, HIVE is now trading below its listing price in BTC terms on Bittrex, after what has been a volatile ride for investors.
As previously reported, the creation of Hive is the result of an effort by the Steem community to evade a takeover of the platform by Justin Sun. Given the launch of the new blockchain network, which went live as recently as March 20 this year, and the many listing announcements seen in recent days, it appears as if the move so far has been successful for the former Steem community members.
According to an earlier announcement from Hive, the new platform is a fork of Steem, “created by a large group of Steem community members,” including over thirty developers, as well as business owners and users. The platform further claims to be “the blockchain for Web 3.0,” with the core being decentralization, speed and scalability.
Since coming into circulation in March, HIVE is now nearing a return of 100% for the earliest buyers, data from CoinMarketCap revealed on Tuesday.