The fact that investors can convert HBD into HIVE affects the price. So it seems to me that proper evaluation of HIVE and HBD should look at the market cap of the two coins.

Ausbit bank shows the current market caps.

In the last two dips, investors converted over a million HBD to HIVE. Conversion entails destroying the HBD and creating HIVE.

In the last dip, investors converted over a million HBD at a price under $0.4. This created over 2.5 million HIVE that the market needed to absorb.

Durign the end of the year dip, investors converted well over a million HIVE at a price around $0.3. They created over 3 million HIVE.

HBD seems to create a huge downward pressure on HIVE that materializes when ever there is a market dip.

!WINE