Why Is Ethereum-Based Amp Shooting Up In A Bearish Market?

Why Is Ethereum-Based Amp Shooting Up In A Bearish Market?

Amp AMP/USD shot up 23.59% over 24 hours to $0.0655 early Tuesday morning. 

What’s Moving? The Ethereum ETH/USD-based token has risen 22.27% over a seven-day trailing period.

AMP rose 24.74% against ETH, while it gained 25.7% against the apex cryptocurrency Bitcoin BTC/USD over 24 hours. 

Amp, a digital collateral token usable on networks such as Flexa, touched an all-time high of $0.1211 in June this year. At press time, it traded 45.35% below that level.

Since the year began, AMP has appreciated 259.1%. 

See Also: How To Buy Amp (AMP)

Why Is It Moving? AMP’s rise comes despite a decline seen in major coins as the global cryptocurrency market cap fell 0.71% to $2.55 trillion at press time.

AMP saw high interest from retail traders at press time and was the top trending name on Stocktwits. The coin was also seen trending on cryptocurrency price-tracking websites CoinMarketCap and CoinGecko.

AMP was mentioned in 1,632 tweets and saw relatively low mentions on Twitter at press time, as per Cointrendz data.

The most mentioned coins BTC and ETH attracted 10,782 and 6,735 tweets, respectively.

The largest cryptocurrency by volume, Binance, said Monday it will list AMP. Trading for AMP/BTC, AMP/BNB, AMP/USDT, and a number of other pairs will commence on Tuesday, as per the Changpeng Zhao-led platform.

Earlier in the month, Voyager Digital Ltd VYGVF listed AMP on its Voyager application. 

Notably, the Voyager token too has shot up 82.44% over the last week thanks to the dip seen in the apex coin.

Read Next: 'Fear' Grips Bitcoin, Ethereum, Dogecoin, Shiba Inu: Is A Rising US Dollar Spelling Woes For Cryptos?

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