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.
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.
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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.
We officially launch the Merkel tree Proof of Reserves (PoR) system after 45 days of testing 🔥
Users can now verify four tokens (USDT, USDC, BTC, and ETH) and check the Reserve Ratio of MEXC assets via the system.
Verify here ▶️ https://t.co/jMOykswNhc pic.twitter.com/alP15yI67T
— MEXC Global (@MEXC_Global) February 22, 2023
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.