Crypto markets are going through a tough time. The data from the USA today, so to speak, spiced this up and fueled the decline. bitcoin It dropped to an intraday low of $18,319. This move of the leading crypto also affected altcoins and the market erased some of its past gains.
Bitcoin managed to recover somewhat and climbed back above $19,000. On the other hand, there is a different altcoin that stands out with its rise: Mdex (MDX).
Koinfinans.com As we reported, MDX managed to climb from its intraday low of $0.0819 to as high as $0.1245. This indicates an increase of over 50%. The altcoin is currently trading at $0.1076. This momentum also increased the coin trading volume by more than 300% within 24 hours.
Why Did Altcoin Rise?
MDEX is a decentralized exchange (DEX) platform launched in January of 2021. of the platform cryptocurrency The unit is MDX. There have been some positive developments regarding the Mdex project.
Recently, the launch of the Continuous Trading Feature on the decentralized exchange was announced. The platform also launched a $10,000 airdrop event to celebrate the launch of the Continuous Trading Feature. Traders who open positions on the platform have a chance to win a draw of at least $15 in MDX and APX.
The crypto community is speculating as to whether this announcement was the cause of the altcoin price surge. However, the true reason for the rise is generally unknown.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.