Synthetix (SNX) Hits Record High amid DeFi Correction; Here’s Why?
Synthetix’s native token SNX emerged victorious on the day its rival decentralized finance tokens turned lower. The SNX-to-dollar exchange rate hit a fresh record high of $8.68 on Wednesday as a flurry of uplifting fundamentals prompted traders to increase their bids on the pair. That included the introduction of a new staking platform. Say hello […]
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However, SNX withdrawals from Synthetix pools picked up momentum during the price boom. SNX spiked to its three-week high on Monday in reaction to a market-wide upside correction led by Bitcoin (BTC) and other top-cap digital assets.The Synthetix project's native token reached $9.59 after rising four days in a row by up to 50%. That included a sharp 18.29% upswing in the previous daily session, sparked by Bitcoin's climb above its key resistance level of $35,000. Altcoins tend to tail the flagship digital asset's price trends.Synthetix and Bitcoin price moves in the recent sessions.....
Enso raises $5 million from top funds and YFI price hits a new record high as the demand for DeFi yield rises. The appetite for DeFi is rising again as blue chips are rallying and yield-earning strategy-sharing platforms, like Enso, are on the rise.Enso, a platform where users can share yield-earning strategies, raised $5 million on April 13 from top U.S. venture capital firms including Polychain Capital and Multicoin Capital.Synthetix (SNX) founder Kain Warwick, Aave founder Stani Kulechov, Dfinity COO Artia Moghbel, and other prominent angels took part in the round.The high-profile....
DeFi After a brutal past three to four weeks, DeFi coins are bouncing back. Synthetix Network Token (SNX), the native token of leading decentralized derivatives platform Synthetix, has gained 7.9% in the past 24 hours. The coin is now nearing $5 after spending some time under that pivotal price point. It seems that there are […]
Synthetix, Maker, and Compound surge as the DeFi market rallies strongly after Bitcoin price recovers. On Jan. 11, Bitcoin saw a steep correction as it dropped to around $30,500. It began to recover swiftly after the initial correction, rallying above $36,000 in the next 24 hours that followed.DeFi tokens, including Synthetix (SNX), Maker (MKR), and Compound (COMP), outperformed the majority of the market. The primary reasons behind their performance are strong fundamentals for each project and improving market sentiment.Highly anticipated roadmapsDeFi tokens have generally performed well....
Chainlink's LINK token set a new record price early on Monday, and other altcoins are seeing solid gains.