Why is Hex Up Nearly Double Digits Today Despite the Crypto Market Dip?

Vinod Dsouza
hex price
Source: Pixabay

The cryptocurrency market experienced another dip today as Bitcoin is down 4%, and Ethereum fell nearly 6%. Altcoins and meme-coins have lost close to double digits, and HEX is among the handful of cryptos trading in the green. This isn’t the first time HEX defied market sentiments; the crypto has primarily traded in the opposite direction during each slump. HEX jumped nearly 8% today and is hovering around the 5% mark in the last 4 hours. The crypto has generated decent profits this month, up close to 24% in the previous 14 days.

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Why Is HEX Up Today?

HEX is attracting buying pressure this week as whales have gone all in on the crypto in the last 48 hours. The number of investors ‘staking’ HEX has also shot up drastically this week. Therefore, the buying pressure is outnumbering the selling pressure making the token’s price shoot up despite the market trading in the red.

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A user purchased 4 million HEX for $176,255 yesterday, while another picked up 7.8 million tokens worth $332,621. In addition, a user ‘staked’ 61 million tokens today while another user staked 66 million tickets yesterday. HEX has attracted ‘buying pressure, whales, and staking’ simultaneously this week, increasing its price in the indices.

Even CryptoBubbles, which highlights the best performers of the day, shows HEX taking center stage amidst a sea of red. Bitcoin is slipping below $21,000 while Ethereum has fallen below $1,500 currently.

Source: CryptoBubbles.net

What Next For HEX?

Source: CryptoWhaleBot

HEX has pulled chiefly back in price after a rally and traded in the red for the next few days. Therefore, it is advised to remain cautious as the crypto has reached its weekly highs. Investors who want to make good short-term money can wait for the successive dips and go in on HEX. Crypto is known for experiencing sudden spikes, and holders can use its rise to generate decent profits.

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At press time, HEX was trading at $0.043 and was up 5.5% in the 24 hours day trade. It is also up nearly 10% in the last seven trading days.