Amp Token Records The Increase In Cryptocurrency Transactions Up To 361 Percent

Cryptocurrencies that go up when the market crashes (Medium)

JAKARTA – The price of the cryptocurrency Amp (AMP) skyrocketed amid a deep market correction. The amp quadrupled in just a few weeks.

According to a DailyHodl report, the price of the AMP cryptocurrency has increased from USD 0.026 on May 23 to a high of USD 0.12 on Wednesday, June 16. AMP increased by 361 percent.

At the same time, the price of Bitcoin is at the level between 32 thousand to 41 thousand US dollars. The AMP token, which resides on the Ethereum network, is designed to support instant and secure transactions.

“As a guarantee, Amp guarantees the value of any transfer while it is still unconfirmed – a process that can take anywhere from seconds to hours to days”, said the Amp developer.

“Amp tokens used as collateral are generally released when consensus for a particular transfer is reached, making it available to pledge other transfers. In the event that deliberation for consensus is not reached, Amp's collateral may instead be liquidated to cover losses”.

For your information, AMP provides a full value exchange guarantee service that includes property, digital payments, fiat currency exchange, and loan distribution. Collateral transfer of assets is done by AMP staking.

AMP can be used as collateral for spreads made through a crypto payment called Flexa Network. If the payment is unsuccessful or delayed, the AMP as collateral can be liquidated to resolve the payment problem. Therefore, AMP becomes an additional security system for both parties who make transactions.

The skyrocketing price of AMP was triggered by the token's listing on the US crypto trading platform Coinbase. Previously, Coinbase's competitor, Gemini, announced AMP in its listing in September 2020.

Data from CoinGecko reports AMP ranks as the 27th cryptocurrency by market cap. When this news was written, AMP was priced at IDR 1.302. However, AMP is not yet listed on the Indonesian crypto exchange.