Bullish Altcoins: Synthetix (SNX), Axie (AXS), and EOS

According to these data, the top 3 movers in the last 24 hours are Synthetix Network (SNX), Axie Infinity (AXS), and EOS. Altcoins are rallying higher as antsy traders look for an alternative profitable coin after Bitcoin’s steady range-bound trading.

Notably, the rising momentum in both DeFi and NFTs helped boost prices of SNX and AXS. Meanwhile, adoption of stablecoin on the EOS protocol becomes a major source of validation for the EOSIO ecosystem.

Synthetix Network (SNX)

For the past few weeks, SNX has been one of the strongest performers. It rallied 100% and hit a multi-week high of $12.76 last July 5.

As of writing, the price of Synthetix is $11.04 with a 24-hour trading volume of $290,582,616.

It is up by 2.65% and one possible factor is the generous 39.3% APY offered to SNX stakers. Whereas, the SNX yields come out to be much higher than a traditional yielding asset (the U.S. 10-year Treasury note returning only were limited to 0.502% – 1.778% in the previous 52 weeks).

Of note, Synthetix is a DeFi protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets. It is based on the Ethereum blockchain and offers users access to highly liquid synthetic assets (synths).

Axie Infinity (AXS)

On the other hand, the second-best performer is Axie. They are a blockchain-based trading and gaming platform that allows players to collect, raise, breed, and trade token-based creatures call Axies.

AXS trades at $18.78 as of writing and trading volume of $2,058,394,100 in the last 24 hours.  Clearly, it gained 54.97% in the last 24 hours and continues to be bullish. On this fib retracement, it has exceeded the 4.236 level.

EOS Goes Up After Stablecoin Adoption

Last but not the least, we have EOS as the third-best performer in the last 24 hours.  Currently, it trades at $4.03 with a 24-hour trading volume of $2,575,690,72.  EOS gained 14.37% in the last 24 hours according to coinmarketcap. EOS became known when it raised more than $4 billion during its initial coin launch in 2017.

By far, the most significant development of EOS was its selection to host the Ducat, a native algorithmic stablecoin of the American Crypto-Fed DAO. In fact, it became the first legally recognized DAO in the US. This development comes with the $10 billion investment by Block. one to build Bullish Global, an exchange on EOSIO protocol.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source: https://coinquora.com/bullish-altcoins-synthetix-snx-axie-axs-and-eos/