Initially, cryptocurrencies were created as an alternative to the traditional financial system. Contemporary projects work on providing users with the most convenient and profitable ways to pay for goods and transfer money. Metal was designed to make crypto payments easy and fast, and it offers advantages and bonuses to token holders and Metal Pay service users. Recently the MTL token started to gain value after a long downtrend. Read our MTL coin price prediction to see what is going to happen with the asset.
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Metal Fundamental Analysis
Metal is a blockchain project that aims to simplify utilizing cryptocurrencies for the average user and make them more accessible. Its goal is to allow users to send and receive money using only phone numbers. MTL is a cryptocurrency with a focus on day-to-day use.
Metal is built on Ethereum and allows the users to convert fiat to crypto and vice versa. It’s a tool for processing payments with the use of MTL coins. Metal offers the platform and the mobile app that pay the clients for buying things. For instance, each transfer made with Metal Pay may bring the user 5% of cashback. Moreover, the transactions are instant and without fees (if the users send, receive or convert MTL tokens), or with small fees when buying other cryptos. If the user holds over 10000 MTL the fees are not applied.
The idea is to make it so convenient that people will use it regularly. MTL is also fueling Metal Pay which became one of the few FDIC-insured on-ramps to cryptocurrency in the USA.
The company was launched in 2017, introducing to the market its first application Metal Vault — a web wallet for storing MTL and other ERC-20 tokens. In September 2018 the project introduced its Metal Pay payment processing app. In 2019 the project team released the update that allowed users to buy and sell 15 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, etc.
Metal uses a Proof of Processed Payment consensus mechanism that allows rewarding the users for transactions but also punishes the bad behavior to prevent gaming the platform.
MTL is a native ERC-20 token that powers the ecosystem and now operates on the Ethereum blockchain with plans to become available on the native Metal blockchain called Proton.
Metal Live Price Chart
Since May, 2021, when the MTL coin was gaining the price during the bull rally of the crypto market the asset has been in the downtrend. In the middle of May, its price dropped from $4.1 to $3.1 and then continued to decline till it reached $2.1 on May 19. The token was bouncing, trying to sustain the higher level, and at the beginning of June climbed to $2.8, but couldn’t fight with the overall downtrend.
On June 22 the MTL crypto dipped to $1 but recovered this loss in the next 2 weeks gaining 80%. As the market was bearish the token couldn’t grow above $2 until the beginning of August when the market started to flip.
The Metal coin stayed in the uptrend until the end of the summer. On August 31 the token hit $4.7, but couldn’t sustain this level and went down to $3.3 in the next few days. By the end of September, the MTL token fell to the level of $2.8 and then started to grow at the beginning of October as the crypto market was going bullish.
The asset was trading around $3.4, slowly losing its price. At the beginning of December, the MTL token price was already $2.8. On December 5 the Metal coin lost 75% of its value, dipping to $2.1. The price of the token continued in a moderate downtrend till the end of January, 2022. At that time MTL was trading for $1.3. In the next 2 weeks, the price grew to $1.8 and then returned to the previous level.
As the market started to show the signals of recovery from the bearish trends in mid-March, the MTL token also started to go up. By the beginning of April, it reached the level of $2.1, went for a short market correction, and continued to grow, jumping between $2.2 and $1.9.
During the last week, the MTL coin has risen by 57% and keeps increasing even though the whole crypto market is currently declining. The analysts expect the asset to gain more value in the near future, though they don’t expect the MTL price to reach above $2.9.