The Hive Blockchain stock price has mirrored the volatility of the Bitcoin price. The share price has fluctuated from $0.20 in 2020 to $5.75 per share by 2021. However, the stock closed the year in the $2.3 area. Given the current volatility, the stock is not suitable for all investors.
Investors should keep in mind that the share price of HIVE will continue to move in correlation with the price of Bitcoin. This is due to the fact that Ethereum and Bitcoin are merging, which should increase the value of these digital assets. Hive reported $71.4 million in digital assets in Q1 2023. This is a good sign as higher prices will result in more value for Hive.
Hive Blockchain is well positioned to take advantage of a rally in cryptocurrency this year. However, it’s a good idea to wait until governments have established clear guidelines for trading in digital assets before buying HIVE stock. Although the stock is currently undervalued, it is likely to move higher once regulations are in place.
Investors should also keep in mind that HIVE Blockchain has room for growth. The company recently partnered with DeFi Technologies to improve its technology for mining Ethereum. If the company continues to grow and become a leader in this space, it will probably continue to gain value in the next few years.
