ALEX, the native token of Bitcoin layer-2 (L2) bridge ALEX Lab, emerges as the top gainer among the largest 500 crypto assets over the past 24 hours.
This remarkable uptrend comes on the back of the broader recovery campaign engineered by Bitcoin (BTC) and the altcoin market. Despite the sustained selloffs from the German government, BTC rebounded on July 9, coinciding with a similar increase in ALEX’s price.
ALEX price – July 11 | Source: CoinMarketCap
However, while the flagship crypto asset witnessed a correction on July 10, ALEX maintained its bullish trajectory. The token spiked 21.72% yesterday, further building on the momentum to register a 57% increase this morning.
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Remarkably, ALEX has increased 108% since Monday, leveraging the renewed market-wide strength to breach key resistance levels. Amid the bullish run, the asset has now breached the 50% Fibonacci retracement zone at $0.1379, flipping it into support. ALEX now eyes the Fib. 61.8% level at $0.1566.
ALEX emerged as the top gainer among the leading 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 spiked 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, an attack it attributed to the Lazarus Group. The ALEX token tumbled 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 lending and borrowing market.
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