AMP Skyrockets 62% as Whale Interest Fuels Price Surge, with Growing Utility and Increased Institutional Adoption Driving Demand
This year, the price of AMP shot up to a high of $0.0133 on Wednesday morning. This was a jump of over 330% from its lowest point. For the first time in 29 months, its market value exceeded $1 billion due to an increase in price. It is now at $978 million, as of this writing.
The altcoin’s price rise happened at the same time that daily trade volume shot up by 750% to over $601 million. AMP also became popular on Google because more people were interested in it.
Why is the price of AMP going up?
There are three possible reasons for AMP’s recent rise.
First, AMP’s rise happened at the same time as a larger increase in the altcoin market. Major cryptocurrencies like Binance Coin (BNB) and Tron (TRX) saw daily gains of 17.6% and 68.8%, respectively, compared to Bitcoin’s 1.4% rise during the same time period.
Second, Flexa, a digital payment platform that accepts AMP as collateral, recently announced its integration with Zashi, a Zcash wallet app. Users can buy things at U.S. shops that accept Flexa without having to reveal their wallet or currency information.
As more transactions occur on the site, the need for AMP as collateral naturally increases. This decreases the number of tokens that are available, which drives up its price and could help the altcoin grow.
Third, increased whale action in the last 24 hours has contributed to AMP’s rise. IntoTheBlock data shows that whale holder netflow increased by over 150%, going from a $186K loss on Dec. 2 to $473K inflows on Dec. 3. This shows that big investors are once again interested..
On the daily chart, AMP has risen above both the 50-day and 200-day simple moving averages, which shows that bulls are still in charge. The 50-day simple moving average has also crossed over the 200-day SMA, forming a golden cross. This is a powerful technical sign that the price will go up.
The MACD line (blue) and the signal line (orange) on the Moving Average Convergence Divergence indicator have also been moving above zero, which shows that the rise is still going strong.
Considering these signs, AMP might keep going up. Analyst Javon Marks agreed, predicting that AMP would rise to $0.07048, which would be a price increase of over 470% from where it is now.
