Key Points
- ALEX, the native token of Bitcoin layer-2 bridge ALEX Lab, has seen significant gains in the last 24 hours.
- The increase comes amid a broader recovery campaign in the Bitcoin and altcoin market.
ALEX, the native token of Bitcoin’s layer-2 bridge, ALEX Lab, has emerged as the top performer among the 500 largest crypto assets in the past 24 hours.
This impressive uptrend follows a broader recovery effort led by Bitcoin and the altcoin market. Despite consistent sell-offs from the German government, Bitcoin bounced back on July 9, coinciding with a similar rise in ALEX’s price.
Continued Bullish Trajectory
While the primary cryptocurrency experienced a correction on July 10, ALEX continued its upward trajectory. The token saw a 21.72% spike yesterday, further building on this momentum to record a 57% increase this morning.
Remarkably, ALEX has risen 108% since Monday, leveraging the renewed strength across the market to surpass key resistance levels. During this bullish run, the asset has now surpassed the 50% Fibonacci retracement zone at $0.1379, turning it into a support level. The next target for ALEX is the Fib. 61.8% level at $0.1566.
Top Gainer Among Leading Cryptocurrencies
ALEX has become the top performer among the leading 500 cryptocurrencies with a 70% rally in the past 24 hours. The asset is currently trading at $0.14. Its daily trading volume has surged by 1,245%, reaching $49.91 million, indicating increased interest among market participants.
This bullish momentum comes two months after ALEX Lab suffered a $4.3 million hack, which it attributed to the Lazarus Group. The ALEX token dropped 28% following the incident. While the event affected investor sentiment, confidence in the protocol has since been restored, as demonstrated by the recent demand for its native token.
ALEX Lab, launched in 2021, is a layer-2 Bitcoin defi protocol running on Stacks smart contracts. The protocol offers a launchpad, a decentralized exchange (DEX) and a lending and borrowing market.
