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Fundamental Analysis

Altcoin Surges 40% Amid Market Correction – Here’s Why

Altcoin Surges 40% Amid Market Correction – Here’s Why

The cryptocurrency market has been experiencing a significant correction over the past few weeks, but one token has managed to stay resilient.

Despite the market-wide pullback, MX has rallied about 40% since the start of the week, reaching a high of $1.77 today The coin, ranked 172nd by market capitalization, has also seen a remarkable surge of 94% in the past month and more than 115% since the beginning of 2023.

MX 3M graph coinmarketcap

MEXC, founded in 2018, boasts of serving over 10 million users in over 170 countries and regions. The exchange recently made headlines when it lowered its trading fees in late February.

According to a press release, it dropped spot trading costs on the platform to zero for maker fees and 0.1% for taker fees. MEXC also lowered futures trading costs to zero for maker fees and 0.03% for taker fees.

READ MORE: Bitcoin: Expert Warns of Potential Downside as Fed Raises Interest Rates

The exchange’s decision to lower fees may have played a part in the recent rally of MX. However, MEXC has also launched a proof-of-reserves system that enables users to verify popular cryptocurrencies such as Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH). Users can also check the reserve ratio of MEXC assets through the system.

MX’s price bump could also be attributed to its growing adoption and increasing reputation in the cryptocurrency industry. Despite the recent gains, MX is still more than 55% down from its all-time high of $3.70, which it reached in December 2021.

MX’s recent performance underscores the potential for smaller, lesser-known cryptocurrencies to make significant gains in the cryptocurrency market. As more investors become aware of the promising projects that are available, the potential for growth in this space remains significant.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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