AMC Entertainment, the world’s largest movie theater chain, announced last month that it would start accepting Bitcoin payments by the end of this year. CEO Adam Aron confirmed that they are preparing the payment infrastructure to accept cryptocurrency payments.
But Aron had one more surprise for crypto enthusiasts. In addition to Bitcoin, AMC will begin accepting some of the best performing altcoins in the market. Aron made the following announcement in his most recent tweet:
“Cryptocurrency enthusiasts: You probably know that AMC has announced that it will accept Bitcoin for online ticket and discount payments by the end of 2021. I can confirm that we will do this and similarly accept Ethereum, Litecoin and Bitcoin Cash.”
Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
— Adam Aron (@CEOAdam) September 16, 2021
This development is crucial for all four altcoins as it will increase crypto availability in the market. AMC will accept these cryptocurrencies for movie tickets and discount purchases. Although the movie industry has been hit hard as a result of the pandemic, AMC is focusing on updating its payment infrastructure to keep up with rising FinTech trends.
Ether (ETH) and Other Altcoins Rise
Ethereum (ETH), the world’s second-largest cryptocurrency, posted strong gains of up to 8 percent today. At the time of writing, Ethereum, which lost some of its gains, is still trading at $3,637, up 6.6 percent and has a market cap of $427.5 billion.
According to the Fibonacci retracement charts, this major breakout in ETH price above $3,500 could push it towards higher price targets of $3,800. Despite the selling pressure, Ethereum (ETH) continues to show strength. On the downside, Ethereum has strong support at $3,200.
In addition, AMC news has also sparked a rally in Litecoin (LTC). At the time of writing, the price of LTC is up 5.5 percent, trading at $192 and has a market cap of $12.8 billion. Litecoin experienced a 35 percent pump and dump earlier this week amid strong rumors that Walmart is accepting LTC payments. Following this unpleasant development, it is thought that LTC will be accepted by a large entertainment company, which may lead to positive developments in price.
Bitcoin Cash (BCH), on the other hand, is trading almost sideways at $643, with a market cap of $12.1 billion.
Altcoins have been gaining a strong dominance over the past few months. Altcoins have experienced solid rallies as Bitcoin continues to trade around $46,000. Since mid-July, the altcoin industry has added more than $600 billion to the overall crypto market cap. We’ve seen some new entries like Solana on the top 10 cryptocurrencies list, while players like Polkadot are making their way to all-time highs.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.