HEX Spikes +20% Amid Market Recovery, Will it Start Doubling in Price Again?

Vinod Dsouza
HEX spikes in price
Source: Unsplash

The cryptocurrency market saw a revival yesterday as Bitcoin reached $44,000 and Ethereum crossed the $3,100 mark. The whole market is now trading in green and investors hope the trend to continue for many more days. Several coins have spiked double digits and the upward tick is the right moment for day traders to seize the opportunity and enjoy gains. HEX shot up +20% in less than 24-hours as whales accumulated the dips making its price reach $0.14 today. It’s 24-hours trading volume reached $23.3 million and the crypto is now displaying bullish sentiments.

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HEX also made its way to Crypto Bubbles with a 24% gain and stood shoulder-to-shoulder with other top gainers. From January to September last year, HEX rarely moved out of Crypto Bubbles and is now inching back to its previous glory. It was arguably the only crypto to have doubled in price approximately every 48-days since its inception. The crypto which was launched in December 2019, hit an all time high of $0.51 in September last year rising 10,000x in the indices.

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HEX: Will the ‘Price Doubling’ Continue in 2022?

The ‘price doubling’ phenomenon of HEX came to a halt in September last year after it reached its ATH. Investors indulged in profit-selling and sold most of their holdings making the crypto dip in the indices. Since then, HEX has not spiked and mostly traded sideways for close to four months now.

However, instances of a sudden spike in the indices made news but HEX’s bull run is stunted in 2022. The crypto market crash is among the main reasons for HEX to have stopped doubling in price. In addition, the Russia-Ukraine conflict also adds to HEX’s burden and a bull run seems to be nowhere on the horizon.

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Nonetheless, despite the odds being against it, investors believe that its founder Richard Heart can lead the crypto to its previous glory. The sentiment in the market for HEX is still alive but a similar repeat of its ‘price doubling’ phenomena might be a thing of the past. There are slim chances for HEX to replicate its previous price movements as the market conditions around the world are in turmoil.

At press time, HEX was trading at $0.14 and is up +18.4% in the 24-hours day trade. It is up +968.2% since the last 365-trading days.