We are certainly seeing the best time for the altcoins in 2019 so far. Recently, several altcoins have been getting expressive gains in the industry.
The latest company to enter in the select group of altcoins which are having a good time now is DigiByte, currently the 35th largest crypto in the market, according to CoinMarketCap (CMC).
The DGB tokens were the top gainers from the 50 best-ranked coins. At the time of this report, they were trading at $0.015 USD, an increase of 9.72%. Its 24-hour trade volume was of more than three million dollars, mostly divided between only two exchanges: Bittrex and BiteBTC. More than a third of the whole volume was in BiteBTC, which was by far the largest trading platform for this token.
Now, the value of the tokens is starting to show less volatility, but it went up pretty fast from $0.0126 to $0.0144 USD, which happened in less than a whole hour.
What Caused the Price Spike?
There are two main theories of why the prices went up so quickly. First, there is strong speculation that the tokens may be added to Magnum Wallet. This would follow a common pattern in which the prices of an asset are pumped when people expect it to be listed in important platforms or wallets.
Another important point that should be taken into account when thinking about the quick price surge was the fact that the DigiByte community is starting a strong campaign for the token to be accepted by Coinbase, the largest crypto exchange in the United States.
It would be very important for the community for the token to be listed in such a prominent exchange, so the campaign is going pretty strong for now.
A lot of people are messaging Brian Armstrong, the CEO of Coinbase, on Twitter in order to see if they can help the token to be approved there. Despite the fact that there is no answer about it yet, the campaign may have been one of the reasons for the market to see such a quick price increase.