Posted Dec 2, 2021 3:46 PM
What happened ?
This week Ethereum (ETH -0.45%), Bitcoin Cash (BCH -1.14%) and Litecoin (LTC -1.75%) posted impressive gains. These tokens have appreciated between 20% and 47% at their weekly intraday highs. In fact, in the world of cryptocurrencies, these moves are not necessarily surprising. However, the common catalyst that propels these three cryptocurrencies higher is worth considering.
The catalyst in question is a key announcement from AMC Entertainment (AMC -15.82%). The theater chain announced in September that the company would soon accept these three cryptocurrencies in cinemas across the country. See the article: Opinion on the price of the US stock market: Wall Street falls again but the bulls maintain the advantage.
However, through a tweet on Thursday, AMC CEO Adam Aron noted that these three cryptocurrencies are now available to settle payments at AMC theaters.
Unsurprisingly, Ethereum, Bitcoin Cash, and Litecoin all jumped at the news.
So what ?
Currently, the ability for customers to pay for their tickets and other AMC-related purchases in cryptocurrency is only available online. Also read: Uniswap (UNI): How to buy this crypto? Where, how and why (Avis 2021). However, according to the first data from the CEO of AMC, 14% of all online transactions have taken the form of cryptocurrencies since the announcement.
This is undoubtedly good news for crypto enthusiasts who are betting on a wider adoption of these important cryptocurrencies. As new data emerges on the extent of the use of cryptocurrencies for online purchases, investors can more accurately assess the effects of the network and the actual usefulness of these cryptocurrencies for real-world business applications.
This recent high-profile adoption of cryptocurrencies for online payments by a large corporation is a positive sign for crypto bulls. This may interest you: 37 complementary income strategies to earn more money in 2021. This is doubly true for those who invest heavily in Litecoin, Bitcoin Cash or Ethereum.
As real-world use cases continue to emerge and adoption goes mainstream, the potential for continued capital flows into the crypto industry increases. Investors in these top three cryptocurrencies appear to be enjoying the network effects created by this week’s announcement. As a result, these three cryptocurrencies are likely to come under scrutiny again in the coming weeks.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of a Motley Fool premium consulting service. We are Motley! Questioning an investment thesis, even one of our own, helps all of us think critically about investing and make decisions that help us be smarter, happier, and wealthier.
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