Bittrex Re-Listing Sends Metal (MTL) Price Soaring

The Bittrex reopening of Metal’s Bitcoin market after nine months triggered a significant price increase for the coin on Friday morning.

Metal (MTL), the native token of a blockchain-based payment application, leaped more than 15% on a daily basis on Friday morning UTC as one of the leading digital exchanges, Bittrex, said it had decided to return the coin to its roster. The platform removed Metal’s Bitcoin (BTC) and Ethereum (ETH) markets in January and has now enabled only the MTL-BTC trading pair, starting at 08:00 UTC.

Bittrex published the announcement at around 21:00 UTC on Thursday, pushing MTL’s price from $0.60 to $0.68 within less than an hour after the release of the statement. The coin peaked at 23:09 UTC at $0.84, a level not seen in 30 days. Twelve hours later, the asset had sustained the positive momentum on a daily basis, changing hands at $0.68, which was a 15.34% increase in 24 hours.

The coin clocked $13.3 million in 24-hour trading volume as of 09:12 UTC on Friday. Upbit was the largest MTL market, with $6.9 million achieved by pairs with the Korean won and BTC. Binance Bitcoin and Ethereum markets accounted for $5.55 million of the volume.

With $652,390, Bittrex became Metal’s third-largest market for around 75 minutes after reopening the MTL-BTC trading pair, according to Coinmarketcap data.

Metal on Bittrex

Before the delisting in January, Bittrex also supported an Ethereum market for MTL.  As it did with the removal, the exchange kept quiet on its reasons for the relisting of Metal or the choice of a Bitcoin-only market.

Bittrex delisted MTL along with Triggers (TRG) and DigixDAO (DGD), which remain off the platform.

“As the regulatory landscape in the United States around cryptocurrency changes, we are seeing new policies emerge […] Bittrex informed us that our token will be delisted from their exchange. We also have a long-standing relationship with Bittrex and look forward to working with them to be relisted post-Pay launch in the spring of 2018,” Metal CEO Marshall Hayner explained at the time.

Metal currently ranks at number 189 on the market capitalization list with nearly $21 million in value.