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Cryptocurrency Amp jumped another 20% to an all-time high, continuing a remarkable rally that saw it surpass nearly 200 coins to become one of the top 30 tokens.
Amp was trading at 11.6 US cents this afternoon, after hitting an all-time high of 12.1 US cents overnight. At the start of the month, he changed hands at less than 4c, and 0.6c at the start of the year.
The token went from crypto # 224 on May 16 to token # 26 this afternoon, just ahead of the Monero privacy coin with a market cap of $ 4.98 billion.
Launched just last September, Amp is an ERC-20 (Ethereum) token used to secure payments over the Flexa network, which is integrated with payment applications such as Spedn. Flexa pays retailers instantly, while the transaction is still being processed; if this fails or takes too long, the Amp tokens that have been put as collateral are liquidated to cover it.
Amp’s gains came after it was listed on the U.S. Coinbase exchange at the end of last week.
$ AMP strengthens the entire crypto space. It turns crypto into real currency. Imagine earning 45% APY ON your wallet via challenge and never having to convert to fiat. People would literally be kajillionaires based on how many tokens they have. # ampto5dollars
HappilyEverHustle (@HustleEver) June 15, 2021
The fact that the entire market is down and the $ amp is up adds fuel to the fire. More and more investors are flocking
Fadi Bahri (@fadibahri) June 16, 2021
Market down 3.2%
Overall, the crypto market was mostly in the red, with just 23 of the top 100 coins posting gains within 24 hours until 3:52 p.m. AEST.
Coingecko
Quant rose 15.9% and Cosmos (ATOM) 10.1%, the only other top 100 coins to post double-digit gains. The Quant token, used as part of the Overledger business project to connect blockchains, had also hit an all-time high.
The Shiba Inu token saw the worst drop in the top 100, which fell 8.4% after yesterday’s strong gains. Polygon (MATIC) was right behind, losing 6.9 percent.
Bitcoin was trading at just under US $ 39,000, down 3.6% from yesterday, after dropping below US $ 40,000 around 8pm last night.
Ethereum changed hands at US $ 2,430, down 4.3%.
Bitcoin ETF decision delayed
For the second time, the U.S. Securities and Exchange Commission has delayed the decision to approve VanEck’s Bitcoin ETF or not.
Instead, the regulator sought public comment on whether the trust and the stocks would be vulnerable to market manipulation.
A dozen U.S. companies have submitted plans for a Bitcoin ETF but so far none have been approved, due to investor protection concerns.
The comment and rebuttal period will focus on the SEC’s decision on the VanEck fund in July and possibly August.
If and when a Bitcoin ETF is approved in the United States, it should strengthen the crypto market and see significant inflows.
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