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Hive surges as bitcoin halvening approaches.

The recently forked version of Steem, Hive, went up from $0.11 on Apr 10 to $0.38 on May 2. That's an increase of roughly 380
The recently forked version of Steem, Hive, went up from $0.11 on Apr 10 to $0.38 on May 2. That’s an increase of roughly 380% in less than a month.

The Hive blockchain is a fork of Steem, which is a social media blockchain platform that incentivizes users to create and distribute content. The Steem founder Ned Scott sold his tokens to Tron founder Justin Sun. However, since the blockchain is a decentralized project and can’t be sold by its nature, the Hive community still owned it. The Tron Foundation after purchasing the large number of tokens, indicated a strong desire to migrate the whole blockchain to Tron, a move that was unacceptable to the Steem community.

Hive has more market capitalization than Steem blockchain.

The price rise of the new Hive blockchain, in a short time, is truly a statement of the community’s confidence in the newly forked project. Its also a rare event, when the forked version of the blockchain is worth more than the blockchain it is forked from. At the time of writing, Hive is trading at $0.413676 with a 24-hour trading volume of $64,285,392. HIVE price is up 28.98% in the last 24 hours. It has a circulating supply of 350 million coins.

Bitcoin to undergo halvening even in 9 days.

The leading cryptocurrency, bitcoin, is scheduled to undergo the halvening event nine days from now. At the time of writing, bitcoin is changing hands at just above $8,600, 3.8% down in the last 24 hours. The past week the price of bitcoin had reached nearly $9,500 before retracing back to nearly $8,700 at the time of writing. Currently, the reward for each block mined is 12.5 BTC, but post-mining the reward would be reduced in half to 6.25 BTC. The price of bitcoin pre halvening and post halvening has been the subject of speculation in the crypto community. Several BTC whales claimed that the recent surge in the price of bitcoin was an organized FOMO and is fake. They further claimed that big players are playing small traders using the halvening narration.