The payments-focused altcoin surges 59% in just one day as Bitcoin and Ethereum seek support

While bitcoin (BTC), ethereum (ETH) and the broader crypto markets are weathering a significant correction lower, an altcoin is bucking the trend with big rallies.

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

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

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

Launched last week, MinePlex.Finance is a service that aims to bridge PLEX tokens with major fiat currencies, according to a press release.

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

After the launch of the new app, PLEX experienced a trend reversal, jumping from $1.00 to $1.10 by the close of the day. It then hit the $2.00 mark less than six days later and, as of the writing of this article, was holding most of its gains. It is currently trading at $1.97.

Over the same period, Bitcoin (BTC) is down about 12%, while Ethereum (ETH) is trading 14% lower than last week.

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Featured image: Shutterstock/Rakesh khisa/Nikelser Kate

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