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Flexa AMP cryptocurrency hits new highs on Coinbase listing — Up 1,700% in 2021

source-logo  cointelegraph.com 17 June 2021 09:12, UTC

The in-house token of cryptocurrency payments app Flexa, AMP, has hit new all-time highs after being listed on major exchange Coinbase.

Data from Cointelegraph Markets Pro and TradingView showed AMP/USD reaching $0.11 per coin for the first time on June 17.

AMP nears $0.12 as best-performing altcoin

Flexa, which describes itself as the “first ever digital currency payment option for brick-and-mortar retail,” aims to offer a blanket solution for cryptocurrency acceptance and spending.

Its previous infrastructure token, Flexacoin (FXC), was converted to AMP late last year as part of an overhaul.

The replacement appeared to fare better than the original almost instantly, rising throughout 2021 from a starting value of just $0.006 — year-to-date gains of around 1,700%.

Flexa has already partnered with Canadian multinational e-commerce company Shopify. When the latter announced that it would expand its payment features to all Facebook and Google merchants this week, AMP cemented its ongoing bull run, jumping 25% in the past 24 hours alone as exchange Coinbase launched trading.

AMP/USD 1-day candle chart (Bittrex). Source: TradingView

In late May, U.S. food and retail chain Sheetz confirmed that it would begin accepting Bitcoin (BTC) payments using Flexa’s services.

“Since launching Flexa just over two years ago as the first ever digital currency payment option for brick-and-mortar retail, we’ve scaled to support more than 41,000 merchant locations across the US,” Tyler Spalding, co-founder and CEO of Flexa, commented last month.

Glimmers of hope in flat crypto landscape

AMP thus topped the chart of high-flying altcoins on Thursday, its daily returns double those of the next largest riser, XinFin Network (XDC).

Overall, the picture for alts was mixed on the day, amid a cool-off for Bitcoin and larger market cap tokens including Ethereum (ETH).

Related: Dip-buyers anticipate further downside after Bitcoin price falls to $38K

In commentary, Cointelegraph contributor Rakesh Upadhyay said that it was a question of patience for most traders.

“Given that there are large amounts of funds ready to flow into cryptocurrencies, another massive fall is unlikely,” he summarized.

“However, that does not mean a new bull market will start in a hurry. Most major cryptocurrencies may enter a bottoming formation before starting the next trending move.”

The overall crypto market cap stood at $1.632 trillion, with Bitcoin’s share at 45.1%.