The global cryptocurrency market capitalization fell 6% to $1.6 trillion on Wednesday night as major coins saw a decline, but digital collateral token Amp (AMP) continued its upward march.
What Happened: The apex cryptocurrency, Bitcoin (BTC), traded 3.58% lower at $38,622.41 over 24 hours, while Ethereum (ETH) traded 5.44% lower at $2,395.71 in the same period.
Dogecoin (DOGE) traded 2.48% lower at $0.31 at press time over 24 hours and 8.16% lower on a seven-day trailing basis.
Even so, DOGE managed to register 1.02% and 2.98% gains against both BTC and ETH respectively.
AMP continued to appreciate and was up 12.2% at $0.11 at press time over 24 hours. In a seven-day window, the cryptocurrency has shot up 85.49%.
See Also: How To Buy Amp (AMP)
AMP was up 16.17% and 18.43% against BTC and ETH respectively over 24 hours.
Why It Matters: Amp claims to be able to collateralize any type of asset transfer — digital or physical. The token of the project has risen 1,580.67% since the year began.
The cryptocurrency has broken out of the ascending triangle and is looking to bounce where formerly at the 10 cent point of resistance, as per Benzinga’s Tyler Bundy.
A decline in major cryptocurrencies is being widely attributed to a general pullback in assets after traders focused on Fed officials’ revised projection for hikes in interest rates by the end of 2023.
Edward Moya, senior market analyst at Oanda said in a note that he expects risk assets including cryptocurrencies to see short-term pressure due to inflation.
While eleven Fed members see no change to interest rates through at least 2022, five forecast rates will rise by 0.25% by end of 2022 and two see a 0.5% rise. All but five members see at least one rate hike by the end of 2023.