Alchemy Pay is a crypto payments project that’s bridging the gap between fiat currency and cryptocurrency. The Alchemy Pay ecosystem integrates a token called ACH, which performs a variety of functions to incentivize usage and transaction volume. We’ll explore if Alchemy Pay will reach $1 by considering a variety of factors, including broader crypto market trends and factors specific to the Alchemy project. Before we take a closer look at Alchemy Pay’s chances to reach $1, however, let’s learn more about the Alchemy Pay project and their ACH token.Alchemy Pay is a project that’s focused on making cryptocurrency payments as seamless as possible. More specifically, Alchemy Pay specializes in facilitating exchanges between fiat and crypto, making it easy for users to purchase cryptocurrency directly with their local currency. Alchemy Pay currently offers its services in more than 170 countries.Alchemy Pay’s solutions can be integrated by businesses in the cryptocurrency industry, allowing them to provide their customers with easy on-boarding and off-boarding. Alchemy Pay also allows businesses to launch their own crypto card, which customers can then use to spend their crypto balances in everyday situations.Meanwhile, the ACH token is used to incentivize the various functions in the Alchemy Pay ecosystem. ACH is available as a token on both Ethereum and BNB Chain. Partners that integrate Alchemy Pay’s services buy and pledge a certain amount of ACH tokens in order to use the services. Regular users can also pledge their ACH tokens to access decentralized finance products and services. If the ACH token is used to pay fees for Alchemy Pay’s services, users are eligible for various discounts. In addition, ACH serves a role in governance, giving holders the ability to impact key decisions related to Alchemy Pay. The ACH token also has numerous other utilities in the Alchemy Pay ecosystem, which you can learn more about in the Alchemy Pay whitepaper.At the time of writing, ACH has a market capitalization of $292 million, which ranks it 224th among all crypto assets. The token is listed on practically all of the most relevant cryptocurrency exchanges, including the likes of Binance, Kraken, Coinbase Pro and KuCoin.The ACH token made its debut on the market in September 2020, and its first few months on the market were lackluster, to say the least. After ACH began trading, its price slipped from $0.040 in September 2020 all the way down to $0.0032 in January 2021. However, ACH holders were rewarded massively during the bull market in August of 2021, when ACH displayed one of the most incredible price surges we’ve seen in the crypto market so far. ACH, which traded at $0.0043 on August 2, jumped all the way up to $0.184 by August 7. This was an increase of about 42.7x in less than one week. Following this all-time high, the ACH token has endured a lengthy price correction which has reached as low $0.0078. 2024 has been a good year for ACH holders, however, as the token’s price is up 81.5% since January 1, 2024. In some cases, we only need to consider what a certain price target would imply in terms of market capitalization to determine if the price target is reasonable or not. At the time of writing, the circulating supply of ACH tokens is about 7.4 billion, which means that the market capitalization of Alchemy Pay would be $7.4 billion if ACH were to hit a price of $1. While $7.4 billion seems like a very large number in a vacuum, many cryptocurrency projects have been able to achieve such a valuation before. At the time of writing, there’s 18 cryptocurrencies with a market cap of $7.4 billion or more, and this number would be much larger if we were in the middle of a bear market. From this perspective, it is certainly possible that Alchemy Pay will reach $1 at some point in the future. Now, let’s consider the key factors that will ultimately decide if the ACH crypto will ever reach a $1 price tag or not. Market trends have a significant influence on the value of cryptocurrencies, and the same holds true for ACH. With the onset of the next crypto bull run, there is a high probability that the demand for ACH will rise substantially, consequently driving up its price. Notably, this year has witnessed a renewed interest in the broader crypto market, attracting attention from both retail and institutional investors.To strengthen this point, we should highlight that prominent financial institutions such as Blackrock and Fidelity have secured approval for spot Bitcoin ETFs in the United States market, which has contributed to an impressive 56% year-to-date surge in Bitcoin’s value, and has also improved sentiment across the cryptocurrency space.For Alchemy Pay, market-wide trends are especially important. If it can establish itself as a leading gateway between fiat currency and the world of crypto, Alchemy Pay could see substantial growth in the next crypto bull market, when a flood of new users will be looking to make their first move into cryptocurrency. Alchemy Pay already has an impressive list of partnerships, and its services are used by key Web3 projects such as OKX, Polygon, Arbitrum, NEAR, Celo and several others. When it comes to partnerships outside of the cryptocurrency industry, it’s crucial that Alchemy Pay has access to major payment channel to be able to reach as many potential customers as possible. Alchemy Pay is doing quite well in this regard — in June 2023, Alchemy Pay was listed by financial services giant Mastercard as a SDP Compliant Service Provider. Earlier in 2023, Visa listed Alchemy Pay as an Official Service Provider. The Alchemy Pay project will likely have to continue securing partnerships with major players to achieve the growth necessary for the ACH token to reach a $1 price tag. The Alchemy Pay price prediction on CoinCodex forecasts that ACH will see strong bullish activity for the remainder of 2024, before starting a prolonged retracement period of consistently lower prices. According to the ACH prediction, the token is expected to hit its 2024 high in May, when the price is forecasted to hit $0.184, more than 4.5x the price at the time of writing ($0.039). Please keep in mind that the ACH crypto price prediction is not just based on price history, but also on current technical indicators. If market conditions change substantially, the forecast will adjust itself as well.While it would take a price increase of more than 25x for Alchemy Pay to reach $1, this price target is certainly possible to achieve. However, we would likely need to see a full-blown cryptocurrency bull market coupled with surging adoption of Alchemy Pay’s solutions for the ACH price to reach $1. When it comes to the topic of Alchemy Pay’s chances of reaching $1, we also have to consider one factor that might not be too intuitive at first glance. As we’ve already mentioned previously, the ACH token is already listed on practically all of the biggest crypto exchanges on the market. As we know, a listing on an exchange such as Binance or Coinbase can have a hugely positive impact on a token’s price. ACH has already achieved these milestones, so the large multiples required for the token to reach $1 will have to come from somewhere else.If you’re interested in more cryptocurrencies to explore, make sure to check out our list of the best cryptocurrencies for long-term investors.
