The market capitalization rate of the cryptocurrency market fell to about 6%, but AMP managed to go about its upward march. The cryptocurrency valuation came to about $1.6 trillion, with most of the major coins seeing a stark decline in their valuation. Bitcoin, the largest cryptocurrency in the world, traded at a percentage below 3.58% at $38,622 over the last day. Ethereum saw itself traded at $2,395.
AMP Succeeding Where Others Failed
AMP, contrary to most other cryptocurrencies functioning in the market, managed to appreciate and went up by 12.2% at a value of $0.11 over the last 24 hours. In the window provided to them, the cryptocurrency went up by 85.49%. The collateral token was up by 16.17% over Bitcoin and 18.43% over Ethereum over the last day.
The collateral token has been able to collateralize every single type of asset transfer- be it physical or digital. The project token, as a result, has increased by around 1,580.67% since January 2021.
Just the last week saw AMP listed on the Pro platforms of the Coinbase exchange- which served its part in giving the token price a major push. Currently, the cryptocurrency is all about moving out of the ascending triangle- whilst looking out for at the 10% point of resistance. And since there is a decline in major cryptocurrencies as a result of the general pullback in assets, the token cryptocurrency needs to move out of the rat race.
Edward Moya, the Senior analyst at Oanda has already stated that he is expecting a bunch of risk assets that includes cryptocurrencies like AMP to see quite a variant of short-term pressure due to the price inflation. The inflation, according to Jerome Powell- the Chair of the Federal Reserve- is a direct result of the static economic recovery that the country is undergoing as a result of the pandemic.