The first Hyperledger-based kryptonet to reach mainnet status rose 486% overnight, possibly due to an imminent commercial pair with Bitcoin.
A little-known altcoin called Metacoin (MTC) registered a 486% growth in profits in just 24 hours on January 18, after Bittrex announced that it would include a pair with Bitcoin (BTC) for cryptomoney.
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Metacoin is based on the Hyperledger network, a general project of open source technologies focused on the construction of authorized blockchain ecosystems for large companies in various sectors. Metacoin became the first Hyperledger crypto currency to achieve main network status when it went live in 2018.
Hyperledger was founded by the Linux Foundation and is overseen by a series of „premium members“, comprising leading technology and finance companies such as IBM, J.P. Morgan, Fujitsu, Hitachi and more.
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On January 15, the Bittrex Global crypto currency exchange announced that it had opened its Metacoin wallet for MTC deposits, and will soon offer trading against Bitcoin.
Just over 48 hours after the announcement was made, the price of each MTC had more than quintupled. From an initial price of USD 0.026540 on Sunday night, the dollar value of the currency increased, rising to a brief high of USD 0.155600 on Monday afternoon, an increase of 486%.
Metacoin (MTC) gained 486% during a busy trading day.
Metacoin’s trading volume reached an all-time high of USD 482,000 on the day, all emanating from a single BTC trading pair on the cryptoexchange, Liquid. This only exceeds the volume of USD 444,000 recorded in August 2020, during the first two weeks of the currency in the open market.
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In particular, despite the increase that immediately followed the announcement of Bittrex Global, there is still no commercial data for Metacoin on the site, and the BTC/MTC pair is still shown as „offline“.
Taking Hyperledger’s modular, cross-sector toolset as a starting point, Metacoin acts as a multi-functional blockchain platform where enterprise tokens can be issued and on-chain trading can take place. The platform also hosts a number of decentralized applications (DApps), including ColdBank, a crypto-cash service using IBM’s LinuxONE technology, as well as blockchain-based gaming applications.