- Crypto Metal (MTL) surged over 60% in the past 24 hours.
- Crypto Metal trading volume increased by more than 7000% in the past 24 hours to hit $918 million.
- However, MTL is far from its all-time high of US$14.82reached on September 7, 2017.
The cryptocurrency market appears to have stabilized on Wednesday (April 13th) after Tuesday’s massive correction, which saw the cryptocurrency market capitalization plunge almost 8% to $1.83 trillion. Bitcoin, the largest token by market cap, is holding above the US$40,000 mark while Ethereum, the second-largest crypto, is trading above the US$3,000 mark per token. However, one altcoin that is really buzzing today is the Metal (MTL) cryptocurrency, which is up over 60% in the last 24 hours.
According to CoinMarketCap, the MTL cryptocurrency was trading at US$2.56 per token, up 63% from the same time yesterday. What deserves attention in this crypto is its trading volume, which has increased by more than 7,000% in the last 24 hours to reach 918 million US dollars. Before we further dissect the price action of MTL crypto, let us understand what MTL crypto is.
Explained: What is Metal (MTL) cryptocurrency?
MTL cryptocurrency is an essential part of the Metal ecosystem and Metal Pay, which claims to offer the easiest way to exchange, send and receive cryptocurrency. MTL is an ERC20 utility token running on the Ethereum blockchain. According to CoinMarketCap, it will soon be available on Proton, Metal’s native blockchain. MTL supporters believe that the token’s launch on Proton will open new opportunities for on-chain utility for MTL.
According to CoinMarketCap, users are not required to pay any fees for trading, sending, and receiving MTL tokens on Metal Pay. Also, if a user holds 10,000 MTL tokens, they are not required to pay any fees for buying or selling other cryptocurrencies. Users can also enjoy loyalty benefits for holding MTL on the Metal X crypto exchange. Here, they will pay reduced fees if paid with an MTL token.
CoinMarketCap ranked MTL crypto at the 277th position based on its market capitalization, which increased by 68% to US$176 million in the last 24 hours. The altcoin hit an intraday high of US$2.69 today, which is also its 90-day high. However, MTL is far from its all-time high of US$14.82, reached on September 7, 2017.
At present, it has a circulating supply of over 66 million tokens and the altcoin is available for trading on popular platforms like Binance, Phemex, FTX, KuCoin, and Huobi Global.
Will the rally in crypto MTL last?
Today’s spike in the MTL cryptocurrency along with a massive increase in its trading volume has caught the attention of cryptocurrency traders, with many predicting that the ongoing rally will continue. However, according to technical analysts, MTL has broken out of its bearish zone; however, it is close to its next resistance level and further upside can be seen if it breaks convincingly and trades above the US$2.80 mark.
It is worth mentioning here that in the past as well, the MTL cryptocurrency gave several one-day highs like the one we are witnessing today, but it was unable to sustain those gains. Potential investors should therefore be very cautious and carry out a thorough risk assessment before making any investment decision.
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Nugget Alert: Crypto Metal (MTL) records +61% gains in 24 hours, what to think of this token? – The ₿log
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