For the past 48 hours, the crypto market has been mostly blood red. Bitcoin fell from $ 24,300, its weekend high, to $ 21,800 at the local low, while Ethereum slipped below $ 600 for the first time in many weeks.
That move resulted in a sharp downward move in many smaller cap altcoins, which fell about twice as much against the dollar as BTC did
Even DeFi (decentralized finance) coins, which are sometimes viewed as quite resilient, saw a sharp move down.
But the Synthetix Network Token (SNX) was able to gain 30 percent in the last 24 hours alone. It’s the top-performing cryptocurrency in the top 100 by market capitalization, outperforming Bitcoin’s three percent profit by an order of magnitude.
Synthetix is up 30% in a single day, shocked investors
This massive rally in SNX’s price action can be attributed to a large number of trends, some of which are as follows:
Coinbase Pro recently listed SNX – after months and even years of anticipation – allowing investors who don’t know how to use Uniswap or who don’t have access to other exchanges to trade with it. Add to this the unit bias, which means investors prefer coins that have a lower price – this may have contributed to the buying pressure seen on Coinbase Pro and other platforms with a focus on retail investors.
SNX volumes have skyrocketed in the past few days as investors began to see the potential of the cryptocurrency. SNX has largely been a coin that has underperformed in the DeFi space.
“Smart money” addresses, as defined by Nansen, an Ethereum-focused data company, have amassed the coin over the past week.
The developers at Synthetix have rolled out a number of new improvements. First and foremost, a new decentralized staking application was launched yesterday which improves the user experience. Second, Synthetix’s “Shaula” release will be rolled out, which “can add ETH and generic ERC20 collateral to Synthetix.” Many see this as critical to the development of Synthetix as it seeks to go beyond the SNX-only model that has existed for so long.