What’s powering Alchemy Pay (ACH) crypto’s 40% rally?

4 min read | July 20, 2022 11:07 AM AEST | By Ankit Sethi

What’s powering Alchemy Pay (ACH) crypto’s 40% rally? — Image source: Pixabay.com

What is Alchemy Pay?

It is a payments solution that combines fiat currency and cryptocurrency economies and facilitates payments through its gateway. The project is new, having begun operations in 2018, almost a decade after the launch of Bitcoin (BTC).

According to the official website, the payment gateway operates in over 70 countries, with its services used by more than two million merchant partners. It claims to have an expansive network, which includes e-commerce platforms, crypto exchanges, and even global remittance companies. The website mentions names like Shopify and ALDO as merchant network partners, and PayPal and Visa as payment channel partners.

Alchemy Pay also provides “crypto-linked” Mastercard and Visa cards. The native ACH token is used to pay the fees within the Alchemy Pay ecosystem. The ACH token is listed on exchanges like Binance, Coinbase, and Huobi.

ACH token price

The ACH token is one of the top 300 cryptos by market cap, as of writing. The market cap is over US$85 million, and the price per token is nearly US$0.018.

What is notable is the 24-hour trading volume of the Alchemy Pay crypto, which is up almost 800%. This surge has also translated into nearly 40% price appreciation over the past 24 hours. That said, the ACH token, which had a price of over US$0.06 on January 1 2022, is trading at a loss on a year-to-date (YTD) basis.

ACH crypto price

Data provided by CoinMarketCap.com

Why is Alchemy Pay crypto gaining?

Alchemy Pay’s ACH token has recently been added to the Bittrex crypto exchange. A new listing of the token seems to be pushing the price higher. Besides, Alchemy Pay has its increased focus on Web 3.0. As a payment gateway, Alchemy Pay might find utility in the decentralised version of the internet.

Also read: Why is Ether up 40% in 7 days? Is Bitcoin’s dominance fading?

Bottom line

Alchemy Pay is primarily a payment gateway, which supports fiat currencies and cryptos. It is said to have partnered with big brands like Shopify and Visa in different capacities. The project is new as compared to Bitcoin and Ethereum. The ACH token of Alchemy Pay is on the rise right now, probably because of its latest listing on Bittrex.

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