Key Takeaways
HIVE Blockchain (HIVE) has experienced a downtrend recently, with the crypto falling more than 20% in the past two weeks.
However, increased social media chatter around this and other cryptocurrencies might improve sentiment towards HIVE. Could this signal a bullish future for the stock?
On May 31, 2024, HIVE was worth about $0.3011.
Hive did not respond to a request for comment.
But what is Hive (HIVE)? How does it work? Let’s find out, and we can also look at some of the HIVE Price Predictions that were being made as of May 31, 2024.
Let’s examine some of the Hive price predictions made on May 31, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
2024 | 2025 | 2030 | |
---|---|---|---|
Prediction #1 | $0.67 | $0.78 | $2.27 |
Prediction #2 | $0.53 | $1.42 | $1.32 |
Prediction #3 | $0.4660 | $0.7335 | $4.62 |
First, CoinCodex had a short-term Hive price prediction that saw the token go to $0.32 by June 5 before jumping to $0.50 by June 30. The site’s technical analysis was bearish, with six indicators sending bullish signals and 23 making a discouraging one.
DigitalCoinPrice said Hive would reach $0.67 this year, while CoinDataFlow expects it to be at $0.53, and PricePrediction.net said HIVE would close the year at $0.4660.
PricePrediction.net said Hive would reach $0.7335 in 2025 and CoinDataFlow sees it at $1.42. DigitalCoinPrice said HIVE would trade at $0.78 next year.
Moving on to a more long-term Hive price prediction, CoinDataFlow said the token would be worth $1.32 in 2030 and PricePrediction.net expects it to be $4.62. DigitalCoinPrice made an HIVE price prediction of $2.27 at the start of the next decade.
Google’s Gemini platform gave the following price prediction for Hive on May 31. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.
Let’s now look at some of the highlights and lowlights of the Hive price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting an Hive price prediction.
When Hive first came onto the open market on March 27, 2020, it was worth $0.2975. It then move sideways for a couple of years, never jumping above $1. HIVE only increased in November 2021, when it hit its all-time high at $2.9650 on November 11, 2021.
The coin ended that year at $0.88 before increasing to $1.20 on April 1, 2022. This was the last time Hive traded above $1.
HIVE then finished 2022 at $0.2619 and moved sideways for the next 18 months or so, being worth $0.3011 on May 31, 2024.
At that time, there were 500.8 million HIVE, representing the total supply. This gave Hive a market cap of about $151.1 million, making it the 366th largest crypto by that measurement.
Period | Hive Price |
---|---|
May 31, 2024 | $0.3011 |
May 24, 2024 | $0.3173 |
April 31, 2024 | $0.2982 |
March 1, 2024 | $0.3776 |
May 31, 2023 | $0.3403 |
Launch price (March 27, 2020) | $0.2975 |
All-time high (November 11, 2021) | $2.9650 |
All-time low (April 6, 2020) | $0.08694 |
It is hard to say. The coin has been around for more than four years now, and its price has notably decreased since its late 2021 highs. It’s notably down from its all-time high, reached in November 2021, and there are no major bullish signs on the horizon.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Hive.
No one can really tell right now. While the Hive crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Hive, you will have to do your own research, not only on HIVE, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Hive says of itself being “one of the most decentralized blockchains. There is no single entity or organization that controls the network. Everything is run by the community members.
“The initiative behind the creation of Hive was decentralization. The community came together to create something that can not be overtaken by the centralized entities.”
Hive is the base currency token for Hive Blog, which is like a general cryptocurrency like Bitcoin, Lightcoin, or Etherium. It is a liquid currency that users can trade, spend and transfer. Like other coins, it can be securely stored in a wallet and traded with other cryptocurrencies, such as Bitcoin or Ethereum.
CoinDataFlow expects it to reach that level next year already while DigitalCoinPrice and PricePrediction.net see HIVE hitting $1 in 2027.
Keep in mind that HIVE has already traded above $1 during its life and also above $2.
HIVE validates transactions for blockchain networks and, by doing so, earns new crypto that can be used to monetize revenue and cash flow. The HIVE website highlights how it offers shareholders exposure to the operating margins of cryptocurrency mining, as well as a growing portfolio of cryptocurrencies.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.