SHX Crypto Rally: 3 Factors Behind the Rise

The SHX crypto rally is back. Stronghold’s SHX token surged roughly 45% over seven days before extending its gains further on October 1, dramatically outperforming Bitcoin and the broader crypto market.

Trading volume also jumped into the millions of dollars as SHX returned to levels not seen for months.

Here is what is actually driving the move.

Related: Why Is ONDO▲$0.3564 Price Surging? BlackRock Launch Sends Ondo Token Up 30%

How Much Has SHX Crypto Rallied?

SHX traded below $0.004 in late September. On September 28, it broke above $0.005, and October 1 saw the token above the $0.0068 mark.

The move has been unusually strong for the current crypto market.

During the initial seven-day surge, CoinGecko recorded an increase of roughly 45%, compared with only low-single-digit gains for the broader market. The advance subsequently accelerated further, bringing the weekly gain to 85%.

Trading activity rose with the price. Daily volume that had frequently remained below $1 million earlier in September exceeded $4 million during the breakout.

Factor 1: SHX Just Entered the Japanese Market

The most important project-specific catalyst happened in September.

Stronghold listed SHX on BitTrade, an exchange licensed by Japan’s Financial Services Agency. It is SHX’s first Japanese exchange listing and Stronghold’s first direct entry into an Asian market.