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ALEX Lab token emerges as the top gainer with a 70% rally
ALEX, the native token of Bitcoin’s ALEX Lab layer-2 (L2) bridge, emerges as the biggest gainer among the top 500 crypto assets over the past 24 hours.
This notable uptrend comes on the heels of the broader recovery campaign engineered by Bitcoin (BTC) and the altcoin market. Despite sustained sales by the German government, BTC bounced 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 saw a correction on July 10, ALEX has maintained its bullish trajectory. The token surged 21.72% yesterday, further strengthening its momentum to register a 57% increase this morning.
Surprisingly, ALEX has surged 108% since Monday, taking advantage of the renewed strength of the entire market to breach key resistance levels. Amid the bullish run, the asset has now breached the 50% Fibonacci retracement zone at $0.1379, turning it into support. ALEX is now targeting the 61.8% Fibonacci level at $0.1566.
ALEX has emerged as the leading cryptocurrency among the top 500 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 increased by 1,245% to $49.91 million, indicating growing interest among market participants.
This bullish momentum comes two months after ALEX Lab suffered a $4.3 million hack, an attack that attributed at Lazarus Group. The ALEX token plunged 28% following the incident. While the event impacted investor sentiment, confidence in the protocol has since returned, as demonstrated recently by the latest demand for 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 mortgage market.