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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.
