When the price of HIVE pops, the price of alt-coins seems to drop.
My guess is that the people who are actively engaged in day-trading their holdings decided to drop the alt-coins to speculate on HIVE.
I saw the recent pop in HIVE as an opportunity to increase my holdings in alt-coins. In this block I was able to buy 235 CENT tokens for just 0.0101 per coin. The #CENT token is theoretically based on the US penny. So, when the price of HIVE is $1.00. The price of a CENT should be $0.01.
I am curious to see if #CENT will be able to maintain this peg. If they are able to maintain the peg, then CENT will be a great tool for hedging against steep drops in the price of HIVE. Centblog.org indicates that my upvote with 280 CENT is worth 0.22 CENT ... which is a decent return.
I saw that LEO took a tumble this morning; so i acquired some more LEO.
The relation between a base currency and the alt-coins derived from the base currency is quite interesting. It appears to be an slight inverse relation.
This relation seems to hold with fiat currencies held by governments. An increase in the price of a base currency seems to create a downward pressure on the price stocks and commodities based on the currency.
I had been following the CENT blog since its inception. I was reluctant to buy the tokens back when HIVE was trading at $0.40. The pop in the price of HIVE pushed down the price of CENT in HIVE and I think it is a much more interesting alt coin.
To celebrate the jump in HIVE, I made a smiley picture with a dollar bill and some pennies.
I should point out that I used copper pennies are worth 2.8 zinc pennies. The copper pennies are hard to come by, so I used steel pennies for the eyes. Steel pennies aren't worth much at all.
Anyway, enough of my talk of high finance. A pop in the price of HIVE makes the alt-coin market on Hive-Engine quite interesting.