The price of Metacoin (MTC), a little-known cryptocurrency based on Hyperledger, has suddenly increased by 486% after the announcement of a trading pair with BTC on Bittrex
On 18 January, a little-known altcoin called Metacoin (MTC) soared 486% in just 24 hours after it was announced to be listed on Bittrex in a pair with Bitcoin (BTC).
Metacoin is built on the Hyperledger network, a Bitcoin Blueprint project that brings together open-source technologies focused on developing permissioned blockchain ecosystems for large cross-industry companies. Metacoin became Hyperledger’s first cryptocurrency to achieve mainnet status in 2018.
Hyperledger was founded by the Linux Foundation, and is overseen by a set of „premium members“ that includes leading technology and financial companies such as IBM, J.P. Morgan, Fujitsu, Hitachi and others.
On 15 January, cryptocurrency exchange Bittrex Global announced the opening of its Metacoin wallet for MTC deposits, and that trading against Bitcoin would begin shortly.
Just over 48 hours after the announcement, the value of each MTC coin had more than quintupled. From an initial price of $0.026540 on Sunday evening, the coin’s dollar value briefly peaked at $0.155600 on Monday afternoon – a 486% increase.
Over the next few days, the cryptocurrency suffered a big decline: currently its price is $0.8897, down more than 40% from yesterday.
Metacoin’s daily trading volume recorded an all-time high of $482,000, all from a single BTC trading pair on the Liquid exchange. This figure narrowly surpasses the $444,000 volume reached in August 2020, during the coin’s first two weeks on the open market.
However, despite the uptick due to Bittrex Global’s announcement, the exchange’s website still does not show trading information for Metacoin, and the BTC/MTC pair still appears „offline.“
Taking Hyperledger’s modular cross-industry toolkit as a starting point, Metacoin serves as a multi-functional blockchain platform where enterprises and businesses can issue on-chain tokens. In addition, the platform hosts several dApps, including ColdBank, a crypto custody service using IBM’s LinuxONE technology, as well as blockchain-based games.