The cryptocurrency market saw a small rebound earlier this week, but in general it is clear that we are still in a downward trend: none of the top 100 largest cryptos are in the green this week. Well, almost none, because Amp (AMP) is no less than 60% in the plus!
AMP is a new token that serves as a kind of digital collateral providing instant and verifiable guarantees for any kind of value transfer. AMP is a platform that serves as a kind of insurance to guarantee any kind of asset transfer. AMP supports a large number of blockchains including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and more.
The AMP token, developed by Flexa together with Consensys, launched last September, but the price only started to rise in late January, around the time the altcoin season started. The price reached a new all-time high (ATH) of $0.083 yesterday and was still at $0.005 at the end of January. That is an increase of no less than 1,560%.
The price did make a significant dip down between mid-May and early June, but in the night from Thursday to Friday the price jumped sharply again. This probably has to do with the infamous ‘Coinbase effect’. When this US cryptocurrency exchange lists, or announces, a new crypto, we often see its price skyrocket immediately.
Nevertheless, the price of AMP dropped again after this peak yesterday, but the entire crypto market is turning red today. While all prices are in the minus compared to a week ago, AMP is still 60% in the plus. It seems that AMP may now have found a new bottom around USD 0.6 and are slowly starting to climb again.