As most of the major cryptocurrencies including Bitcoin and Ethereum struggle in the red, some altcoins including AMP have registered a double-digit rise in the last 24 hours.
In the last 24 hours, the AMP coin has risen by 30% to trade above $0.06702.
Amp is among the few coins that have maintained a bullish trend in the past week as the crypto market nosedived.
What Is AMP?
AMP is ERC20-compatible and operates as the exclusive collateral token of the Flexa network that accepts low-cost digital payments in a fraud-proof manner.
The AMP coin, formally known as Flexacoin, is designed to decentralize risk in payment transactions by dramatically reducing the assurance cost from the existing counterparty network, as well as incorporating a novel partition interface to facilitate the interoperability of staking contracts for any surety mechanism.
Payments are guaranteed in real-time using AMP as collateral.
It uses smart contract features that are built from the ground up for collateral to decentralize risk for users.
The AMP platform also enables users to stake their coins to earn rewards besides helping them collateralize a variety of assets.
AMP’s open-source code allows anyone to organize their collateral manager to interface with the AMP network.
Why Is AMP Price Rising?
The reason for today’s AMP price hike is due to Binance announcing the token’s listing on their platform. In a tweet posted today, Binance announced that it will be listing the $AMP and $PLA tokens.
Immediately Binance made the announcement, the AMP price surged upwards and it has maintained the bull trend to the time of writing.
It is a common trend to see a coin’s price pump after a Binance listing announcement. But going by the fact that the AMP price was already in a bullish trend before the listing announcement, the listing will only strengthen the trend and increase the momentum of the trend.