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The global cryptocurrency market cap fell 6% to $ 1.6 trillion on Wednesday night as major coins fell, but the Amp Digital Guarantee Token (AMP) continued to rise.
What Happened: The apex cryptocurrency, Bitcoin (BTC), traded 3.58% lower at $ 38,622.41 over 24 hours, while Ethereum (ETH) traded 5 , 44% less to $ 2,395.71 over the same period.
Dogecoin (DOGE) traded down 2.48% to $ 0.31 at time of printing over 24 hours and 8.16% down on a seven-day basis.
Despite this, DOGE managed to register gains of 1.02% and 2.98% against BTC and ETH respectively.
The AMP continued to appreciate and rose 12.2% to $ 0.11 at the time of going to press on 24 hours. In a seven-day window, the cryptocurrency climbed 85.49%.
See also: How to buy an amplifier (AMP)
AMP rose 16.17% and 18.43% against BTC and ETH respectively over 24 hours.
Why it matters: Amp claims to be able to guarantee any type of asset transfer – digital or physical. The project’s token has increased by 1,580.67% since the start of the year.
Last week, AMP was listed on the Pro platform of Coinbase Global Inc (NASDAQ: COIN), which gave the price a big boost.
See Also: Metal-Fan Bitcoiner’s Meeting with President of El Salvador Triggers Crypto Twitter
The cryptocurrency has moved out of the ascending triangle and is looking to bounce back to where it was previously at the 10 cent resistance point, according to Tyler Bundy of Benzinga.
A decline in major cryptocurrencies is largely attributed to a general decline in assets after traders focused on Fed officials’ revised projection for interest rate hikes by the end of 2023.
Edward Moya, senior market analyst at Oanda, said in a note that he expects risky assets, including cryptocurrencies, to come under short-term pressure from inflation.
While eleven Fed members see no change in interest rates until at least 2022, five forecast rates will rise 0.25% by the end of 2022 and two will see a 0.5% hike . All but five members see at least one rate hike by the end of 2023.
Read more: Dogecoin Bear Barry Silbert Says 99% of Cryptocurrencies Are Too Expensive
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