Altcoin bulls flood into Synthetix (SNX), Axie Infinity (AXS) and EOS


Bitcoin (Bitcoin) Stable range trading opens the door for selected altcoins to rise, as irritable traders search for profit opportunities in the market.

Data from Cointelegraph Markets Pro with Transaction view Shows that the top three movers in the past 24 hours are Synthetix (SNX), Axie Infinity (AXS) and EOS.

The best performing asset in the past 24 hours. source: Cointelegraph Markets Pro

The growth momentum of decentralized finance (DeFi) and unconfusable tokens can help drive price increases, and the use of stablecoins on the EOS protocol is the main source of verification for the EOSIO ecosystem.

SNX catching up to record highs

According to data from Cointelegraph Markets Pro, Synthetix (SNX) was one of the strongest stocks in the past week, rising 100% to a multi-week high of $12.76 July 5 As people’s excitement about DeFi-related tokens began to heat up.

SNX/USDT 4-hour chart. source: Transaction view

As shown in the figure above, the price of SNX rose by 32% from the low of $9.17 during the morning trading session on July 9 to reach an intraday high of $12.14.

One possible factor in the rise of SNX in the past week is Provide generous 39.3% APY SNX equity holders, this may lead to an increase in current transaction volume, which subsequently leads to an increase in the total value locked on the Synthetix agreement.

AXS continues its week-long surge

The second best 24-hour performer is Axie Infinity (AXS), a blockchain-based trading and battle game that allows players to collect, breed, raise, fight, and trade token-based creatures, called Axies.

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for AXS began to be discovered on July 5.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and Twitter activity.

VORTECS™ score (green) and AXS price. source: Cointelegraph Markets Pro

As shown in the figure above, AXS’s VORTECS™ score climbed to the green zone on July 5 and reached a high of 82 within about three hours. Subsequently, its price began to soar by 115% in the next two days, setting a record high. The high on July 7 was $16.70.

EOS moves higher after adopting stablecoins

The third-ranked 24-hour performer is EOS, a first-tier blockchain network that raised more than US$4 billion when the coin was first launched in 2017, causing a sensation.

related: DeFi focus: Grayscale explores 13 other crypto assets for its trust

EOS/USDT 4-hour chart. source: Transaction view

The most important development of the protocol recently is that it chooses to host Ducat, which is a local algorithmic stable currency of the US CryptoFed DAO. It has become The first legally recognized decentralized autonomous organization (DAO) After supporting legislation was passed in Wyoming, USA.

This development was carried out after Block.one invested US$10 billion to establish Bullish Global, an exchange based on the EOSIO protocol, which pointed out that there are more and more use cases for the Delegated Proof of Stake (DPoS) platform.

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