CyberMiles (CMT) Gets Some Mileage Out of Altcoin Rally

One of the top gainers in the cryptocurrency market today is CyberMiles (CMT), whose value has ballooned by 17% in the last 24 hours on trading volume of $61 million. Nearly all of the top 100 cryptocurrencies are trading in the green currently, which is a welcome sign after showing less correlation with bitcoin’s gains of late. CMT is being outperformed by the likes of QASH and Theta Token, which are up 33% and 21.5%, respectively.

CyberMiles is behind specialized smart contracts for e-commerce companies to do business on the CyberMiles designated proof-of-stake (DPoS) blockchain, which is compatible with Ethereum despite the varying consensus mechanisms. ETH is up today 2% today though it continues to trade below $300.

Despite today’s gains, CMT has not been immune to the August selling and has shed 32% in the last month. But momentum is on its side, with the coin having advanced 22% in the last seven days.

Source: CoinMarketCap

CyberMiles is the No. 82 cryptocurrency based on market cap, with a value of almost $75 million. While it may not be one of the leading altcoins, it’s very popular within the community for its many promotions including airdrops.

Exchange Push

CyberMiles has inked a deal with HiBTC in which holders of at least 10,000 CMT tokens are eligible for free HIBT tokens. The partnership includes the distribution of 200 million HIBT coins over the course of 12 months, and the latest snapshot of wallet amounts was performed on Aug. 23, which may explain some of the buying.

CyberMiles also just scored a listing on South Korea’s Bithumb exchange, which is bolstering liquidity in the CMT coin and stirring more excitement within the community. The listing begins today and the exchange is running a promotion of its own in which a “1% payback” is being applied to CMT deposits and trading activity.

The CyberMiles team also provided an update in a YouTube video posted today in which they outlined the progress for August. The team has unveiled a new programming language dubbed Lity, which pays “homage to Ethereum’s Solidity.” Lity, along with the CyberMiles virtual machine (CVM), are designed to enhance or add new features to the blockchain across safety, extensibility, e-commerce functionality and “schedulability” for actions like “installments for e-commerce payments, retirement savings, payroll” and more.” This could bolster the profile of CVM and cryptos more broadly, particularly if there’s a crypto ETF on the horizon.

CyberMiles also participated in a promotion with its partner Noomi, which is a digital wallet by First Odyssey. The wallet has been in beta testing, and eligible users who participated in the testing are entitled to 300 CMT coins.

According to TradingView, CyberMiles boasts an RSI of 53.4, which is neutral, and a MACD level that is bullish.

Featured image courtesy of Shutterstock.

Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.