The Hive blockchain launched on March 20, 2020. Over the years, Hive has managed to improve its underlying technology, retain a solid user base even during bear markets, and offer a decentralized social media platform, an algorithmic stablecoin, and a variety of games and apps.
Recently, I noticed a "hockey stick" movement in the crypto markets for many major tokens – except for Hive. This prompted me to dust off an old comparison model and re-run the numbers.
For this analysis, I compared Hive (HIVE) with leading blockchains: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP).
Hive's performance lags significantly behind the other major cryptocurrencies.
There are several reasons to investigate correlations between different cryptocurrencies:
One of the common views in crypto is that Bitcoin dominates most price movements. However, for Hive, this is not the strongest correlation. Instead, Hive is more closely aligned with the multi-purpose chains Ethereum and BNB Chain.
The high degree of correlation between ETH and BNB is unsurprising, as both are EVM-compatible chains. Bitcoin supremacy remains evident: both ETH and BNB have stronger correlations with BTC than Hive does with any of them.
Correlation describes the relationship between two variables, where a change in one is associated with a change in the other. It measures both the strength and direction of this relationship. For this analysis, I used daily percentage movements in cryptocurrency prices and applied the Pearson correlation coefficient, which ranges from -1 to 1:
As a rule of thumb:
Values > 0.75 indicate a strong correlation (though this can vary by field).
Hive correlation cryptocurrency btc eth bnb xrp data statistics trading finance
