Markets
ALEX Lab token emerges as the biggest gainer with a 70% surge
ALEX, the native token of Bitcoin’s layer 2 (L2) bridge ALEX Lab, emerges as the biggest gainer among the top 500 crypto assets in the past 24 hours.
This notable uptrend comes on the heels of Bitcoin’s broader projected recovery campaign (BTC) and the altcoin market. Despite sustained selling by the German government, BTC recovered on July 9, coinciding with a similar increase in the price of ALEX.
ALEX Price – July 11 | Source: CoinMarketCap
However, while the leading crypto asset witnessed a correction on July 10, ALEX maintained its bullish trajectory. The token surged 21.72% yesterday, further building momentum to record a 57% surge this morning.
Notably, ALEX has surged 108% since Monday, leveraging renewed market-wide strength to break through key resistance levels. Amid the bullish run, the asset has now broken through the 50% Fibonacci retracement zone at $0.1379, flipping it into support. ALEX is now targeting the .61.8% Fib level at $0.1566.
ALEX has emerged as the biggest gainer among the top 500 cryptocurrencies with a 70% rally in the past 24 hours. The asset is trading at $0.14 at the time of writing. Its daily trading volume has soared by 1,245% to reach $49.91 million, indicating increased interest among market participants.
This bullish momentum comes two months after ALEX Lab suffered a $4.3 million hack, an attack that assigned for Lazarus Group. The ALEX token fell 28% following the incident. While the event impacted investor sentiment, confidence in the protocol has since returned, recently evidenced by the latest demand around its native token.
Launched in 2021, ALEX Lab is a layer-2 Bitcoin DeFi protocol running on Stacks smart contracts. The protocol provides a launchpad, a decentralized exchange (DEX) and a loan and financing market.