The cryptocurrency market has been struggling lately, but some coins are experiencing notable price increases. One of these is Alchemy Pay’s ACH token, which saw a rise of over 39.12% in just 24 hours.
This increase comes after the token had fallen from its earlier high of $0.05805 in February, fluctuating between $0.020 and $0.035 since then. Last week, the price dropped below $0.020 due to a market downturn caused by Bitcoin’s instability following tariff announcements by Donald Trump.
Recently, however, the ACH token’s price bounced back, reaching an intraday high of $0.02909, which is a significant 45% increase from its low of $0.02091. Currently, ACH is valued at $0.02796, with a market cap of $249.4 million. The trading volume for Alchemy Pay also surged by over 448%, reaching $194.8 million.
This recent price rally is linked to a new partnership with Ethena, a protocol that creates synthetic dollars on the Ethereum network. This collaboration allows users to buy USDe, a crypto-backed stablecoin, and ENA, Ethena’s governance token, using traditional payment methods like Visa, Mastercard, Google Pay, Apple Pay, and bank transfers.
The interest in Alchemy Pay has also grown, with open interest rising by 153.64% to $33.53 million, indicating that more traders are becoming active in the market for ACH tokens.
