Mithril (MITH) positions itself as one of the promising payment systems for the Chinese market, and the token price on exchanges reflects the strong performance of the project. Enthusiasm for MITH has led to a nearly three-fold price growth over the past month. But early on Tuesday, MITH outperformed the altcoin markets, surging by more than 16% overnight to $0.90, probably backed by an announcement for a social media partnership.
The enthusiasm for MITH seems to stem from a renewed frenzy coming from Chinese investors, who boosted other digital assets also. In the case of MITH, the activity on OKEx is boosting prices significantly.
The other big factor for the stellar performance of MITH is the fact that the most active pair is against Tether (USDT), according to data from CoinMarketCap. OKEx has one of the largest USDT wallets, only surpassed by Binance, and MITH trading is concentrated on this single exchange, making the price pump much easier to pull off, through the effect of OKEx traders.
Although gaining some 60% in value during the past week, MITH is, however, still more than 40% below its $1.55 peak achieved at the end of April, and around 30% down from its Bitcoin peak of more than 17,000 Satoshi in May. The recent price spike sent MITH up above 12,000 Satoshi.
Lit partnership
The current market speculation for MITH coincides with an announcement of a partnership with the Lit social media app:
https://twitter.com/MithrilToken/status/1021586878699429888
This makes MITH one of the few tokens that are linked to an active social media app. The achievement of MITH outpaces projects like KIN by Kik, where the token is still not integrated with the social media app, as well as Status Network (SNT), which is still developing its beta version.
MITH has only traded since the end of March 2018, making it a relatively new project. The concentration on a handful of exchanges, some of which have extremely low volumes, make MITH a risky proposition. But the potential for integration with the Lit social media, as well as a form of staking based on social media use, is making Mithril an attractive project with a large potential user base.
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This article appeared first on Cryptovest
