I think it's being influenced by a crypto company listed on the Nasdaq.
Hive Digital Technologies Ltd used to be called Hive Blockchain Technologies Ltd, and was founded in 2017. It's a Canadian bitcoin mining company. It's listed on the Nasdaq under the ticker "HIVE", and when they post on X they use the hashtag #Hive.
Everytime it posts news, Hive the coin spikes. For example on 9th Dec they posted their results, and the unrelated Hive coin pumped that day:
https://x.com/greenstocknews/status/1866077430286520725
The Hive coin (which forked from Steem in 2020) is obviously separate from the mining company, but investors are getting confused.
Hive Digital Technologies Ltd has 2,700 bitcoins; at $90,000 a coin, they've worth $243 million. Hive coin's market cap at 37 cents a coin is worth $185 million.
Which might explain why Hive coin can't get past 45 cents - if you are a confused investor in say Korea who thinks the two are linked, the market cap of Hive coin can't exceed the value of the bitcoins held by Hive Digital.
It's something for Hive traders to keep in mind. Dunno why Hive coin named itself after an existing crypto company...
I think Hive can't get past 45 cents because bagholders are frantically selling!
That too.