ALEX, the native token of Bitcoin layer-2 (L2) bridge ALEX Lab, has emerged as the top gainer among the largest 500 crypto assets over the past 24 hours. This uptrend is part of a broader recovery in the crypto market, particularly driven by Bitcoin and various altcoins. Despite sustained sell-offs from the German government, BTC rebounded on July 9, coinciding with a significant increase in ALEX’s price.

While Bitcoin experienced a correction on July 10, ALEX continued its bullish trajectory. The token spiked 21.72% yesterday and has registered a 57% increase this morning.

ALEX Price Surge

Remarkably, ALEX has surged 108% since Monday, leveraging renewed market-wide strength to breach key resistance levels. Amid this bullish run, the asset has now breached the 50% Fibonacci retracement zone at $0.1379, flipping it into support. ALEX is now targeting the Fib. 61.8% level at $0.1566.

ALEX has 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, 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, as evidenced by the latest demand around its native token.

About ALEX Lab

Launched in 2021, ALEX Lab 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.

For more updates and detailed insights into the cryptocurrency market, stay tuned to Global Crypto News.

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