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Bitcoin’s 12% daily price gain dwarfed by this lesser-known token

It’s been a good 24 hours for most crypto investors.
The post Bitcoin’s 12% daily price gain dwarfed by this lesser-known token appeared first on The Motley Fool Australia. –

The Bitcoin (CRYTPO: BTC) price is rebounding strongly, up 12% over the past 24 hours.

That’s its largest single day gain in 6 weeks. And, sticking with the number 6, this represents 6 consecutive days of gains for Bitcoin, which has come under heavy pressure since hitting all time highs of US$64,829 on 16 April.

One Bitcoin is currently worth US$38,403 (AU$52,607).

With today’s strong rebound factored in, Bitcoin’s year-to-date returns now stand at 31%.

Certainly not bad if you bought on 1 January. Not so good if you bought around mid-April.

This crypto gained 242% more than Bitcoin

Overall, the past 24 hours has been a kind one to crypto investors.

Not only is Bitcoin up 12% but Ethereum (CRYTPO: ETH), the world’s second largest digital token by market cap, is up 8% as well.

In fact, according to data from CoinMarketCap, 96 out of the top 100 cryptos are at least fractionally in the green since this time yesterday.

Leading that pack, is Amp (CRYPTO: AMP).

Currently trading at 7 US cents, Amp has gained 41% over the past 24 hours. Or 242% more than the gain Bitcoin posted.

Although far from a household name, Amp now counts as the 33rd biggest cryptocurrency in virtual circulation, with a market cap of US$2.96 billion.

Launched in September 2020, Amp is a relative newcomer to the market, even by crypto standards. Back in September Amp was trading at just under 1 US cent.

So what the heck is Amp?

According to CoinMarketCap:

Amp is described as the new digital collateral token offering instant, verifiable assurances for any kind of value transfer. Using Amp, networks like Flexa can quickly and irreversibly secure transactions for a wide variety of asset-related use cases.

Foolish takeaway

Remember that Bitcoin and other cryptocurrency prices are notoriously volatile. And some investment veterans are forecasting Bitcoin will fall to or below US$15,000.

Amp is up 40% over the past 24 hours. And it’s up just over 600% since September. But it’s down 42% from the 12 US cents it was trading for just last month on 17 June.

Proceed with due caution.

The post Bitcoin’s 12% daily price gain dwarfed by this lesser-known token appeared first on The Motley Fool Australia.

Should you invest $1,000 in Amp right now?

Before you consider Amp, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Amp wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Why this investment guru forecasts Bitcoin crashing to US$15,000

Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto

Bitcoin crashes below US$30,000 support level…now what?

The Ethereum price is crashing as this little known token soars

This top ASX fundie reckons Bitcoin is going to zero

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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