The first Hyperledger-based cryptocurrency to gain mainnet status just exploded 486 percent overnight, likely bouyed by an expected Bitcoin trading pair.
A little-known altcoin known as Metacoin (MTC) rose to 486 percent gain in just 24 hours on January 18, after Bittrex revealed that it would list the coin against Bitcoin (BTC).
Metacoin is based on the Hyperledger Network, an open-source infrastructure umbrella initiative focused on creating approved blockchain ecosystems for major cross-industry companies. Metacoin became Hyperledger’s first cryptocurrency to gain mainnet status when it went live in 2018.
Hyperledger was developed by the Linux Foundation and is overseen by a host of “premium members,” including leading technology and financial firms such as IBM, J.P. Morgan, Fujitsu, Hitachi, and more.
On January 15, the Bittrex Global Cryptocurrency Exchange announced that it had opened its Metacoin wallet for MTC deposits and that it would soon be trading against Bitcoin.
Little more than 48 hours after the launch, the worth of each MTC coin was more than fivefold. From the starting price of $0.026540 on Sunday night, the dollar value of the coin rose more than fivefold, increasing to a fleeting high of $0.155600 on Monday afternoon-a 486 percent rise.
Metacoin share value reached an all-time high of $482,000 a day, all coming from a single BTC trading pair on the Liquid Market. This only beats the $444,000 amount reported on the open market over the first two weeks of the coin in August 2020.
Notably, despite the hot spike following the announcement by Bittrex Global, there is still no trading data for Metacoin on the web, and the BTC/MTC pair was still labelled “offline.”
Using Hyperledger’s cross-industry modular toolkit as a starting point, Metacoin serves as a multi-function blockchain network where enterprise and industrial tokens can be distributed on-chain. The network also hosts a variety of DApps, including ColdBank, a crypto custody provider that uses IBM’s LinuxONE technology, as well as blockchain gaming apps.
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