New players. Sector pullback. Technical watch. The growth of blockchain powered business ideas is prolific from all corners of the world. There are literally $$ billions of tokens offerings that have already taken paced and the underlying businessese are linked to Blockchain tech that will require mining. To me the rate of growth of new token/crypto facilities coming on line is not sufficient to support the activity that will be created by $ billions of these tokenized companies.
Over the long term, there is just nowhere to go for these stocks than up... but not straight up.
I also hear about new token mining facilities getting funded which is not a worry... it is a confirmation of the stage we are in. The promise of Blockchain tech can't be realized if it is going to take 2 minutes to complete/confirm a block.
Some of the new kids on the block, like Hashchain and possibly Hut 80 (IPO through GMP.... $20M??) will give some mining concentration in North America. These and other new players may indeed be drawing attention away from HIVE. Hard to prove however.
Also, Hut80 has Bitfury involved, and BF is pretty cool because they have tech to fight money laundering by being able to outfox the guys using multiple wallets to elude the law or taxes. Check them out yourself.
One thing is for sure... HIVE is the standard by which other miners in this public market will be compared. The newbies will have startup challenges while we are in scaling and optimization mode with an existing investory of very valuable coins.
So... my gut says we are losing a little attention on the street with new mining plays sliding in, and that the broader crypto stocks are in correction mode.
Watch the pennant chart I posted a few days ago, and if the price breeches the lower trend line of the pennant, it indicates a broken technical trend which would be bearish for the stock.
Cheers.