HEX (HEX) has experienced quite a price spike since the SEC dropped its litigation against founder Richard Heart. The asset is up 18.7% in the daily charts, 22.7% in the weekly charts, 8.8% in the 14-day charts, 109.4% over the previous month, and 45% since May 2024.
Also Read: Ethereum Pectra Upgrade Price: ETH Surges 18% to $2,200
Cryptocurrencies Surge Amid US-UK Trade Deal
HEX is currently following a market-wide resurgence. The asset’s rally comes amid President Trump announcing a new US-UK trade deal. The stock market also saw a bump today.
HEX’s rally comes amid Bitcoin’s (BTC) latest rally to the $103,000 price point. The global crypto market cap has risen 3.7% in the last 24 hours to $3.39 trillion.
Also Read: China-Russia Anti-Dollar Alliance: Xi Condemns ‘Hegemonic Bullying’
Other bullish developments may have also helped HEX’s latest upswing. The Office of the Comptroller of the Currency (OCC) recently said regulated banks could buy, sell, and offer custody services for cryptocurrencies. The move may have led to a surge in investor confidence.
There is also a chance that the Federal Reserve will cut interest rates soon. A rate cut could lead to investors taking on more risks as borrowing becomes easier. The crypto market could see a surge in investments under such conditions.
Will HEX Hit a New All-Time High?
HEX is currently down by more than 99% from its all-time high of $0.5108. The asset hit a peak in September 2021, during one of the most significant cryptocurrency market bull runs. The asset’s price took a massive hit after the SEC accused Heart of fraud. The cryptocurrency has seen an incredible rebound after the SEC dropped its lawsuit.
Also Read: De-Dollarization: JP Morgan’s Latest Warning on US Dollar’s Overvaluation & Downfall
If the crypto market continues its upward momentum, HEX could reclaim significant traction. Whether the asset hits a new all-time high is yet to be seen. Investors distanced themselves from the asset after the SEC’s lawsuit. With the case dismissed, we may see investors flocking back to the project. A surge in interest could lead to HEX reclaiming its previous high. When that happens, it is yet to be seen.
Credit: Source link