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A little-known altcoin known as Metacoin (MTC) rose to 486% gains in just 24 hours on Jan. 18, after Bittrex announced it would list the coin against Bitcoin (BTC).

Metacoin is built on the Hyperledger network, an umbrella project of open source technologies aimed at building authorized blockchain ecosystems for large cross-industry enterprises. Metacoin became Hyperledger’s first cryptocurrency to reach mainnet status when it went live in 2018.

Founded by the Linux Foundation, Hyperledger is overseen by many “premium members,” including leading technology and financial companies such as IBM, JP Morgan, Fujitsu, Hitachi and more.

On January 15, the Bittrex Global cryptocurrency exchange announced that it had opened its Metacoin wallet to MTC deposits, and that trading against Bitcoin would soon follow.

Just over 48 hours after the Announcement was created, the value of each MTC coin had increased more than fivefold. Starting at a starting price of $ 0.026540 on Sunday evening, the dollar value of the coin has increased more than fivefold, rising to a short peak of $ 0.155600 on Monday afternoon – up 486%.

Metacoin (MTC) gained 486% during a tumultuous trading day. Source: CoinMarketCap.com

Metacoin’s trading volume hit a record high of $ 482,000 on the day, all from a single BTC trading pair on the Liquid exchange. This is just over the volume of $ 444,000 recorded in August 2020, during the coin’s first two weeks on the open market.

Notably, despite the surge that followed the announcement by Bittrex Global, no trading data for Metacoin exists on the site yet and the BTC / MTC pair was still flagged as “offline”.

Using Hyperledger’s modular toolkit as a starting point, Metacoin acts as a multipurpose blockchain platform where tokens for business and commerce can be issued on-chain. The platform is also home to a number of DApps, including ColdBank, a crypto-custody service that uses IBM’s LinuxONE technology, as well as blockchain gaming apps.