The price of little-known altcoin Alchemy Pay (ACH) continues to defy expectations as it grows into one of the best-performing cryptocurrencies. ACH was trading at $0.0498 at the time of writing, an increase of 181% in the previous week, data from Coingecko shows.
Currently, the price of one coin is higher than it has been since April of 2022. It has been one of the best tokens, having increased by more than 400% from its December low.
Alchemy: Bullish Momentum For The Altcoin
ACH has quadrupled in price in less than a week. ACH saw a 200% gain from its seven-day low of $0.0160 to its current price. Since then, the asset has retraced and is trading at $0.0498.
The market capitalization and trading volume of the Alchemy Pay coin have increased by 63.40% and 202.02%, respectively, over the past 24 hours, based on the latest data.
ACH is the native cryptocurrency of the Alchemy Pay platform, which is a global cryptocurrency payment gateway that allows merchants to accept payments in various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
The altcoin serves as a utility token that powers the platform’s payment network, enabling instant and secure cross-border transactions without the need for traditional financial intermediaries.
On FOMO And Major Integrations
Alchemy’s native coin is surging mostly due to bullish sentiment and the fact that many investors have adopted FOMO, or fear of missing out. FOMO has strengthened once Visa, the world’s largest financial services corporation, recognized it as a payment provider.
Alchemy, the industry’s premier fiat-to-cryptocurrency payment gateway, has partnered with other companies, not just Visa. On Monday, the company announced its support for Google Pay, enabling Android phone users to buy cryptocurrencies directly with credit cards.
The increase in ACH price is related to Alchemy’s decision to broaden its mobile wallet market reach by adding support for Google Pay, according to a release made on February 20.
Alchemy Pay had previously added support for Apple Pay, so the addition of Google Pay will let iOS and Android customers to acquire cryptocurrency via the app using their credit cards.
Alchemy is also forming a cooperation with Binance, the largest cryptocurrency exchange by trading volume in the world. Binance has announced the implementation of perpetual contracts with up to 20x leverage on the ACH platform.
The profitability of cryptocurrencies such as Bitcoin and Ethereum has resulted in industry influx. Yet as regulatory concerns persist, companies like Coinbase and Binance have witnessed billions in inflows this year.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Crypto Adoption Grows
Consensus holds that Alchemy Pay will profit as more people begin or continue to pay with cryptocurrencies, as the number of crypto holders grows. In addition, it will profit as demand for its on-ramp services recovers strongly.
Meanwhile, Alchemy stated that it will transition from a centralized authority to a committee-based approach.
“As of January 1st, 2023, Alchemy Pay has transitioned from a centralized management system to a committee-based management system. Following a successful trial period, this change is now official and is hereby announced,” Alchemy said.
-Featured image from Coinlib