On March 20, 2020, the Steem blockchain split into two parts, one of which is now known as Hive. The reason for this split in the Steem blockchain was the result of a struggle for the "seat" of the witness position between whales, who are the old rulers, and the camp of Justin Sun, who recently bought Steemit Inc. Finally, the old whales, who were excluded from the witness seat, conducted a hard fork on the Steem blockchain and gave birth to Hive. They and their followers then began a mass exodus from the Steem blockchain to Hive.
The Hive blockchain is an identical copy of the Steem blockchain at the time. All Steem accounts and their assets, including STEEM currency (as HIVE), SBD (as HBD) and SP (as HP), are copied exactly the same, and posts are also copied without change. If we already have a Steem account at that time, we can log into Hive directly using the same private key, and we will find all the same assets and posts.
How efficient is the new Hive blockchain compared to Steem in terms of market price? The chart above shows the prices of STEEM and HIVE currencies over the past one year. In the early days of the blockchain split, HIVE was immediately listed on many exchanges and experienced high price spikes that exceeded the price of STEEM. This HIVE leadership continued until around September 2020, when the STEEM price began to equal and even exceed the HIVE price.
Since then, the price of STEEM has almost always been higher than HIVE, in fact, the distance has gradually increased to this day. We see that STEEM and HIVE prices always go up and down in a similar pattern. This is because the bitcoin price affects all altcoins, resulting in a similar pattern of fluctuations. Meanwhile, around the end of March 2021, the price of HIVE exceeded the price of STEEM for a while, but then STEEM overtook again and continues to this day.
1 STEEM = $0.798 USD
1 HIVE = $0.472 USD
Were you one of those who left to Hive at the time? Or are you staying in Steem? Or active on both blockchains? Let's be aware of the development of these two blockchains.