MyBit Price Prediction and Analysis: Why MYB has +20% while the whole market goes down? How rebranding and token update affects the price.
Not so long ago, while reporting cryptocurrencies which managed to raise in value during the red market, MyBit Token has shown some great price movements and possibilities. While Ethereum dropped in price more than -10%, MYB increased as much as +20% in a 24 hour price change. Currently, Bitcoin managed to finally break the downfall and showed some positive growth, this underdog is again showing good performance.
What is MyBit
MyBit is an IoT investment ecosystem powered by Ethereum. They have noticed the problem that humanity as a whole will have to face in the future. With the rapid technological development, robots and automation will slowly replace humans in most fields. They mentioned on their website: "We have seen the vast potential of IoT and automation but are aware that this will have major repercussions for the role humans play in the future economy. Instead of fighting this development we have chosen to embrace it. By utilizing our shared resources we are building the first decentralised ecosystem that enables humans to play an active role in the economy of tomorrow." They want to enable people to easily purchase revenue generating assets.
Bitcoin's influence on the market
The most positive news about Bitcoin's price movement is the sudden spike, as BTC got from $7150 to $7400 within only few hours, making almost the whole cryptocurrency market go green instantly. MyBit has shown that even though it still follows the general BTC movement, as all coins do, it is able to go against the current. However, with Bitcoin raising in value again, MYB may have a chance to use that momentum.
MyBit Token Important News
Token Swap and Rebranding
At the beginning of May, the project has come through lots of changes in order to evolve into a serious cryptocurrency. The website got redesigned with fresh visuals to get a new and professional vibe. However, the most crucial thing to happen was the token swap. In preparation for future usage, they wanted to scale up the amount of MYB in circulation, as well as the sole technology behind the token. The new token got 18 decimal places instead of 8 so that micro payments can be handled easier.
Current plans for the project are crucial for how the platform will be received by the users. They plan to launch the alpha and spread awareness about the project with Europe meetups and events. The rest of 2018 will be spent on developing the code and gathering the community, for the official and full launch of MyBit in 2019: "When the platform launches, you'll be able to fund any Slock.it asset. There'll also be funds for IoT assets (so you can invest in groups of assets, rather than individual products) and an automatic charity function. Plus, mobile portfolio app for monitoring assets will be going live at the same time."
MYB Price Analysis
As mentioned earlier, MYB managed to overcome the negative market movement and go up despite rest of the currencies falling down. It jumped from $2.26 to $3.99 and then started to fluctuate slightly above $3 mark, hitting $3.5 price easily. On May 29, the price fell to lows of $2.87 just to set off for what may seem like a confident trip to $4, currently being traded at $3.76. The volume of the coin seems to be quite good, taking into the consideration that the project is still at the beginning of the development phase and hasn't got that popular yet. It has been confidently trading more than $200,000 worth of tokens daily.
MYB/USD Price Chart, Tuesday May 29:
As it applies to every smaller token, undoubtedly bigger players are playing pump and dumps on MYB and are at least slightly influencing the price sometimes. However, the token still seems to be going strongly in its own way, sometimes following Bitcoin's movement, as well as going in its own direction based on the new features, announcements or news.
ATHs region is still relatively long way from the current price, as MYB managed to be trading above $14 at the beginning of the year. However, the sole fact that it managed to reach such highs shows that there is a possibility to get back to this region one day. Especially, after the platform is fully working. A successful token swap and rebranding shows that the developers are able to handle well updates, as well as the community. For the most part of the year the token remained quite, with almost little to no trading volume. The investors have woken up only recently as the team gave a solid proof of effective work on the development of MyBit.
The price will most likely drop again in the next months as new periods of waiting are ahead, however with each update and releases of alpha and beta versions of the platform, people will try to acquire some amount of MYB, as it may pay off next year.
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