Payments-Focused Altcoin Soars 59% in Just One Day As Bitcoin and Ethereum Search for Support

As Bitcoin (BTC), Ethereum (ETH) and the broader crypto markets weather a significant correction to the downside, one altcoin is defying the trend with big rallies.

At time of writing, banking and payments-focused altcoin project MinePlex (PLEX) is up 59% in the last 24 hours, and 119% over the last 30 days.

MinePlex is a mobile digital bank meant to give users the ability to use crypto and fiat for payments, banking operations, and transfers.

Its ecosystem so far consists of four main components, including its payment system MinePlex.Money, business development platform MinePlex.Payment, online store MinePlex.Marketplace and its new digital banking app called MinePlex.Finance.

MinePlex.Finance was launched last week, and according to a press release, is a service that aims to bridge PLEX tokens with main fiat currencies.

“MinePlex.Finance is independent from the MinePlex platform, although it requires the use of the project’s own PLEX tokens in order to utilize it. It comes as an advanced solution that can be used as a digital account, a payment app, or a mobile wallet for PLEX tokens and the main fiat.”

Following the launch of the new app, PLEX underwent a trend reversal, jumping from the $1.00 mark to $1.10 by the daily close. It then reached the $2.00 level less than six days later, and at time of writing, has held onto most of its gains. It’s currently trading for $1.97.

In the same time frame, Bitcoin (BTC) has gone down roughly 12% while Ethereum (ETH) is trading 14% lower than last week.

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Featured Image: Shutterstock/Rakesh khisa/Nikelser Kate