Alchemy Pay gains 77% after exchange listings and cross-chain integrations
The cryptocurrency ecosystem has come a long way since the launch of Bitcoin (BTC) and in the last few years smart contracts have revolutionized the industry. With that said, there is still plenty of progress to be made when it comes to integrating blockchain technology to peer-to-peer, business to business and business to consumer payment systems.
Alchemy Pay aims to further the adoption of cryptocurrencies through its hybrid payments system and in the last week its ACH token gained 77% to trade at $0.0625 on Feb. 9.
Three reasons for the uptick in ACH price include the cross-chain launch of ACH on the Binance Smart Chain (BSC), multiple new exchange listings that have helped expand access to the token and the integration of Alchemy Pay with multiple blockchain projects across the ecosystem.
ACH joins Binance Smart Chain
The most significant development for the Alchemy Pay protocol was its launch on the Binance Smart Chain at the end of January.
— Alchemy Pay | $ACH (@AlchemyPay) January 30, 2022
Aside from allowing for cheaper transactions for ACH users, the cross-chain integration also helped increase the pool of available investors in ACH through the listing of tokens on BSC-based decentralized exchanges like PancakeSwap.
Alchemy Pay also partnered with Bit.Store to conduct an airdrop of the project’s STORE token as a way to reward community members and encourage future collaborations.
Fresh exchange listings tend to boost altcoin prices
A second factor helping boost the momentum in the price of ACH has been its listing on multiple exchanges, including Binance on Jan. 10.
#Binance will list @AlchemyPay $ACH and @Immutable $IMX https://t.co/smkEblDzRP
— Binance (@binance) January 10, 2022
Other notable exchange listings over the past month include WazirX, CoinEx Global, MEXC Global, ONUS Finance, Tokocrypto and XT Exchange.
Several exchanges, including Binance, have also introduced high-yielding staking products to help attract liquidity and Gate recently added a 3X leveraged ACH instrument.
Related: Cointelegraph Research: Valuing a crypto payment token
Integrations across the crypto ecosystem
A third development that has solidified support for ACH has been the integration of Alchemy Pay with multiple blockchain networks and this should speed up the launch of fiat payments.
Networks and protocols that have integrated Alchemy Pay since mid-December include IoTeX, Avalanche, Polygon, Algorand, NIUM, MakerDAO and SimpleHold.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ACH on Feb. 8, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for ACH spiked into the green and reached a high of 74 on Feb. 8, around four hours before the price increased 55.5% over the next day.
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