AMP surged 60% amid increased whale interest

Ampera’s AMP increased by 62% in the last 24 hours and continued its rise as on-chain metrics showed whales began accumulating altcoins due to increased utility.

AMP (AMP) rose to $0.0133 on Wednesday morning, marking a jump of over 330% from this year’s low point. The increase in price pushed its market value above $1 billion for the first time in 29 months, settling at $978 million at the time of writing.

The altcoin’s rally coincided with a 750% increase in daily trading volume, which rose to over $601 million. AMP has also seen trending on Google following increased retail interest.

Why is AMP price increasing?

There are three potential catalysts driving AMP’s recent rally.

First, AMP’s rise coincided with a broader rise in the altcoin market; Major cryptocurrencies such as Binance Coin (BNB) and Tron (TRX) recorded significantly higher daily gains of 17.6% and 68.8% respectively, compared to Bitcoin’s modest 1.4% gain in 2015 . same period.

Secondly, Flexa, a digital payment platform that uses AMP as collateral, recently announced its integration with Zcash wallet app ‘Zashi’. The integration allows users to shop at Flexa-enabled US stores without revealing wallet or currency details.

As more transactions take place on the platform, the demand for AMP to act as collateral naturally increases. This reduces the current supply of the token, putting upward pressure on its price, potentially increasing growth for the altcoin.

Third, the rise of AMP has been supported by an increase in whale activity over the past 24 hours. Data from IntoTheBlock shows net flows from whale holders increased by over 150%, shifting from an outflow of $186k on December 2nd to an inflow of $473k on December 3rd, signaling renewed interest from large investors.

AMP price, 50-day and 200-day SMA chart — December 4 | Source: crypto.news

Meanwhile, on the daily chart, AMP has risen above both the 50-day and 200-day Simple Moving Averages, indicating that the bulls are still in control. Additionally, the 50-day SMA crossed the 200-day SMA to form a golden cross, an important bullish sign in technical analysis.

AMP MACD chart — December 4 | Source: crypto.news

Additionally, the MACD line (blue) and signal line (orange) on the Moving Average Convergence Divergence indicator are moving above the zero mark, meaning the rally still maintains significant momentum.

Given these signals, AMP could potentially continue its rise; This view was also echoed by analyst Javon Marks, who predicted that AMP could climb to $0.07048, a potential increase of over 470% from its current price.