The Hive community was excited after the listing of the Hive token (Hive) in both MXC exchange and Huobi Global Exchange. However, there are more reasons why the community should be happy not just for the short run that has to do with the trading giveaway for traders but for the positive long run effect of this listing to the price of the Hive.
Some of the reasons why I believe that the two exchanges that have listed the Hive token will have a positive effect on the Hive token and the Hive community at large are:
- Their position of the two exchanges in the market
- The number of traders in their market
- The increased number of trading pairs associated with the listed
The position of the two exchanges in the market
Prior to the addition of Hive in MXC exchange and Huobi Global Exchange , there are only two markets for the coin which are Bittrex Exchange and Probit Exchange. As of the time of writing according to Coinmarketcap, Bittrex exchange occupies the 93rd position in terms of 24 hours adjusted volume of trades of about $30 million while Probit exchange occupies the 94th position with about $29 million adjusted trading volume in 24 hours. However, MXC exchange is in the 4th position with an adjusted 24 hours trading volume of $2.73 billion while Huobi Global is in the 31st position with about $807.59 million adjusted trading volume. Hence, it can easily be deduced that Hive token has been listed among the top cryptocurrency exchanges in the world.
The number of traders in their market
One of the reasons why some exchanges has more adjusted trading volume than others is the issue of the number of traders and investors. The presence of more traders most times translates to stability in the market since the market cannot easily be manipulated. Increase in trading is one of the factors that positively increase the price of a coin with time. The price of Hive token (Hive) has increased by over 100% in the last 24 hours and is trading around $0.379408 at the time of writing on April 24th, 2020 while it closed at $0.181585 on April 23rd , 2020.
Increased market pairs
According to the data that is available in Coinmarketcap, Hive token (Hive) has only 4 market pairs in just two exchanges. However, Huobi Global adding three trading pairs while MXC adding one trading trading pair. This has doubled the trading pairs and gives investors the opportunity to check trading fees and security of the exchanges when investing in the coin. Since USDT was also among the pairs added by both new exchanges, investors are sure of using the stable coin in case of high market negative volatility to save their investment when they could not easily convert to Hive Dollar (HBD).
In conclusion, I can affirm that the two listing will improve the stand of both investors and users who earn hive through contribution in Hive blog.