Hive, the 37th-largest cryptocurrency by market cap, is seeing a massive wave in volatility reminiscent of the wild 2017 crypto bull run.
In a span of just four days starting on April 22nd, Hive jumped 790%, moving from 11 cents all the way to 98 cents.
A likely explanation for the surge is the recent adoption of the digital asset by a number of large exchanges, including Binance, Bittrex and Huobi Global.
— Binance (@binance) April 27, 2020
Hive is a fork of the blockchain Steem, which powers the user generated social blogging platform Steemit.
Soon after Justin Sun’s purchase of Steemit last month, members of the community that drove the platform launched Hive as an independent and decentralized alternative.
Since its massive rise, Hive has since retreated back to 58 cents at time of publishing, according to CoinMarketCap.
It is currently worth more than the original Steem cryptocurrency, which is now valued at 22 cents.