Another 20% gain in the Amp cryptocurrency has taken it to an all-time high, extending a spectacular rally that has seen it overtake nearly 200 currencies to become one of the top 30 tokens.
In the afternoon, Amp was trading at US11.6 cents, after reaching an all-time high of US12.1 cents earlier in the day. It was trading for less than 4 cents at the beginning of the month, and for 0.6 cents at the beginning of the year at the time of writing.
The token has risen from being the 224th most valuable cryptocurrency on May 16 to becoming the 26th most valuable token this afternoon, slightly ahead of privacy coin Monero, which has a market capitalization of $US4.98 billion.
It was just last September that Amp, an ERC-20 (Ethereum) token, was introduced. It is used to collateralize payments on the Flexa Network, which is linked into payment applications such as Spedn. Flexible payments are sent to retailers immediately, while the transaction is still being processed; if the transaction fails or takes too long, Amp tokens that have been pledged as collateral are liquidated to replace the loss.
Amp’s gains have come after it joined the list of US exchange Coinbase late last week.
HappilyEverHustle (@HustleEver) on Twitter mentioned that $AMP makes the entire crypto space stronger. It transforms crypto to true currency. Imagine earning 45% APY ON your portfolio thru defi and never having to convert to fiat. People would literally be kajillionaires based on the amount tokens they have.
Fadi.eth (fadibahri) on Twitter mentioned that the fact that the whole market is down and $amp is up is adding fuel to the fire. More investors are flocking.
The Stock Market is Down 3.2%
With only 23 coins out of the top 100 having gained value in the 24 hours leading up to 3:52 p.m. As of 8:00 a.m. AEST, the cryptocurrency market was mostly in the red.
Quant (QTUM) gained 15.9% and Cosmos (ATOM) gained 10.1%, the only other top 100 coins to earn 10%. Also announcing a record high was the Quant token, which the Overledger enterprise initiative use to connect blockchains.
Shiba Inu tokens, for example, plummeted 8.4 percent after posting big gains the day before. Polygon (MATIC), which plunged 6.9 percent, was the next most heavily traded stock.
Earlier in the day, bitcoin was trading just under US$39,000, down 3.6 percent from the previous day. Around 8 p.m. the previous night, it had fallen below the US$40,000 level for the first time.
Ethereum was trading at US$2,430 per coin, representing a 4.3 percent fall from the previous day’s price.
Decision on a Bitcoin ETF
The US Securities and Exchange Commission has postponed a second ruling on VanEck’s Bitcoin ETF.
Instead, the regulator requested public comments on whether the trust and its shares may be under manipulation.
A dozen US companies proposed a Bitcoin exchange-traded fund, but none got approval owing to investor protection concerns.
The SEC will issue a decision on the VanEck fund in July or August.
Allowing a Bitcoin ETF in the US would have a big beneficial influence on the cryptocurrency market and attract significant inflows.
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