- Crypto Metal (MTL) in bondi over 60% in the last 24 hours.
- Crypto Metal trading volume increased by more than 7000% in the past 24 hours to reach $ 918 million.
- However, MTL is far from its all-time high of 14.82 US $reached on 7 September 2017.
The cryptocurrency market appears to have stabilized on Wednesday (April 13) following Tuesday’s massive correction, which saw cryptocurrency market capitalization plummet nearly 8% to $ 1.83 trillion. Bitcoin, the largest token by market capitalization, is above the US $ 40,000 mark while Ethereum, the second largest cryptocurrency, is trading above the $ 3,000 per token mark. However, one altcoin that is truly in turmoil today is the Metal cryptocurrency (MTL), which has risen by more than 60% in the past 24 hours.
According to CoinMarketCap, the MTL cryptocurrency was trading at US $ 2.56 per token, up 63% from the same period yesterday. What deserves attention in this cryptocurrency is its trading volume, which has increased by more than 7,000% in the past 24 hours to reach US $ 918 million. Before we further analyze the price action of MTL cryptocurrencies, let’s understand what MTL cryptocurrency is.
Explanation: What is Metal Cryptocurrency (MTL)?
MTL cryptocurrency is an essential part of the Metal and Metal Pay ecosystem, which claims to offer the easiest way to trade, 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 it the launch of the token on Proton will open up new possibilities of 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. Furthermore, if a user holds 10,000 MTL tokens, he is 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 cryptocurrency exchange. Here, they will pay reduced fees when paid with an MTL token.
CoinMarketCap ranked MTL crypto in 277th place based on its market cap, which grew 68% to $ 176 million in the past 24 hours. The altcoin reached 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 stock of over 66 million tokens and the altcoin is available for trading on popular platforms such as Binance, Phemex, FTX, KuCoin, and Huobi Global.
Will the rally in crypto MTL last?
Today’s peak in cryptocurrency MTL coupled with a massive increase in its trading volume has attracted the attention of cryptocurrency traders, with many predicting the ongoing rally will continue. However, according to technical analysts, MTL has exited 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 USD 2.80 mark.
It is worth mentioning here that even in the past the cryptocurrency MTL has given several one-day highs like the one we are seeing today, but it has not been able to sustain those gains. Potential investors should therefore be a lot cautious et carry out a thorough risk assessment before making any investment decisions.