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Daily crypto wrap: Hive on a roll as other altcoin prices slide

By Monte Stewart


Updated

Grapic image
The Hive blockchain network's coin soared about 30% on Tuesday as other altcoin prices slid. - Photo: Shutterstock

HIVE went on a roll Tuesday as other altcoin prices slid.

The low-profile cryptocurrency soared about 30% during afternoon trading in North America as traditional markets closed, according to CoinMarketCap data. Standing out in a market that continues to underperform, HIVE was up about 44% from the previous week and approximately 23% from a month earlier.

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HIVE to USD

Only one coin better

Only terraclassicUSD posted better results than HIVE on Tuesday. TerraClassic is actually the renamed terraUSD, a stablecoin that collapsed last month after losing its peg to the US dollar. Although the price collapsed, the coin quietly kept trading. The original luna coin collapsed at the same time and has since been reborn on a new blockchain under the name LUNA2.

The token spiked Tuesday in conjunction with an ask me anything (AMA) season hosted by Elmas Land, the digital autonomous organization (DAO) that governs it. (AMAs) are similar to question-and-answer sessions between a company and shareholders.)

HIVE is backed by a decentralized information-sharing blockchain network of the same name. According to Kalkine Media, the network is used by such popular Web3 apps like Splinterland, PeakD, and HiveBlog. Web3, also known as Web 3.0, refers to the next generation of the Internet, which will include many 3D features.

HIVE is tied to the hive backed dollar (HBD), a stablecoin supported by the US dollar. According to the Hive website, HIVE and HBD deploy two decentralized conversion operations designed to keep HBD’s value at $1 “with a tight margin.”

HBD holders who store their tokens on the Hive blockchain currently receive 20% interest.

ETH/USD

3,414.11 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.57 Price
-9.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BCH/USD

378.10 Price
+0.040% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

DOGE/USD

0.12 Price
-3.190% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

1INCH to USD

Token hits paydirt 

Meanwhile, 1INCH hit paydirt Tuesday, rising about 13.5%, according to CoinMarketCap data. The coin was up approximately 9% from a week earlier.

1INCH is backed by decentralized exchange aggregator of the same name. According to Decrypt, the aggregator scours other decentralized exchanges for the cheapest fees and reroutes its customers’ crypto trades accordingly.

BTT also has big day

BitTorrent New (BTT) also had a big day Tuesday as it climbed about 9% to go up roughly 13% from a week earlier. The coin is tied to the BitTorrent File System (BTFS), a decentralized storage service which its developers describe as “both a protocol and network implementation” that provides a peer-to-peer (p2p) mechanism for storing and sharing digital content, such as music. BTFS runs on a single blockchain that uses a delegated proof-of-stake system to process transactions as quickly as possible and increase the value of BTT.

 

KAVA climbs

KAVA, a proof-of-stake coin created by Kava Labs, was also among the few altcoin gainers on Tuesday. Backed by the Cosmos blockchain, the token is used for lending purposes, enabling holders to earn passive income. But KAVA holders are required to keep their coins in a staking pool for a specific period of time, according to Outlook India.

Most other cryptocurrencies were down Tuesday as bitcoin (BTC) remained in the $20,000-$21,000 range. ETH, the world’s second most valuable coin, which is backed by the Ethereum blockchain network, stayed in the $1,100 range.

Markets in this article

1INCH/USD
1INCH/USD
0.418 USD
-0.021 -4.900%
LUNA2/USD
LUNA2.0 to USD
0.4425 USD
-0.0139 -3.130%
KAVA/USD
KAVA/USD
0.4318 USD
-0.0065 -1.550%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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