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Why Amp's Cryptocurrency Is Soaring Today

What happened

After some steep sell-offs, Amp's (CRYPTO: AMP) cryptocurrency is posting gains today. The token's price was up roughly 5.9% over the previous 24-hour period as of 5:15 p.m. ET on Tuesday. Meanwhile, Bitcoin and Ethereum's ether token were down roughly 0.1% and 0.9% across the period, respectively, and the majority of other top-100 crypto tokens were in the red.

The broader cryptocurrency market has faced tough bearish pressures amid mounting macroeconomic risk factors, international tensions, and fresh regulatory concerns. However, investors appear to be buying the dip on a limited selection of tokens following stark pullbacks.

Image source: Getty Images.

So what

Amp provides a scalable platform for digital asset transfers and staking for assets including digital payment units, fiat currency, loan distribution, and property sales.

While most top cryptocurrencies are seeing continued sell-offs in Tuesday's trading, other names including Polygon, Avalanche, Polkadot, and NEAR Protocol have seen their respective cryptocurrencies' prices post significant gains over the last 24 hours. Some tokens backed by highly scalable services and cross-network-and-asset functionality are bucking otherwise bearish market pressures, and Amp's cryptocurrency appears to be benefiting from the trend.

Now what

Even after posting big gains today, Amp's cryptocurrency has slid roughly 26% over the last seven days of trading. After big sell-offs in the broader crypto space in recent months, the token is also down roughly 77% from the lifetime high it hit last June.

Amp now has a market capitalization of roughly $1.2 billion, and it ranks as the 72nd largest cryptocurrency overall. If the organization's core staking services see increased adoption or the broader crypto market bounces back for a rally, the token could see big pricing gains from current levels. However, it continues to look like a high-risk investment amid the volatile trading backdrop currently shaping the cryptocurrency space.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.


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