This afternoon, in the midst of what seems to be a crypto-bull run, Mithril has managed to make gains in excess of 140%, at the time of writing, Mithril was up 199.23%. All in all, these are crazy figures, especially for a currency that has recently slipped out of the top 100 coins based on market capitalisation.
This of course is no longer the case, at present, Mithril stands at number 69 with a market cap of $190,753,334.
What has happened here?
Prior to the huge jump up in values this afternoon, Mithril was performing quite well, teetering on an upwards gradient of around 40%. It didn’t seem likely that any coin would breach a 100% gain mark this afternoon, never mind 140% and never mind Mithril.
Obviously, this isn’t going to continue for an extended amount of time, currently the value of Mithril is $0.63 so a continuous climb of 141% would see the value of the currency sky rocket significantly and could see its market cap jump to the moon and back. Realistically though, maintaining a climb of this nature is almost impossible given that the markets are likely to correct themselves in the coming hours and days.
I suppose technically Mithril could continue this climb for an extended period of time, as is the nature of the cryptocurrency economy but as everything is mostly proportional, everything else would need to maintain this accelerated push too, an idea that seems lovely in theory but in practice, it is something that is awfully difficult to execute.
There are a few things that have happened within the Mithril saga that could have contributed to this jump, outside of the bull-run.
Yesterday, Mithril announced that they would be appearing on Steemit, and, also announced that they had been listed on Bithumb just a few hours ago.
New exchange update:
We’re on Bithumb! https://t.co/ASFk03npYH
— Mithril (@MithrilToken) April 12, 2018
These announcements are obviously significant enough in themselves to encourage gains within a currency like Mithril. Partner this up with an overarching upwards trend, boosted by some bullish tendencies and this is what you get, a currency shooting up at a rate of 199%.
Yes, this may continue for some time, but the likelihood is that it will settle down pretty soon. So long as it doesn’t settle down too much, Mithril has been able to cement it’s place back in the top 100 currencies and could see some new investments coming in over the next few days.
As ever, if you are looking to invest, do your research. It’s a volatile market and all of the above is evidence to prove that.