Synthetix (CURRENCY:SNX) traded up 11.9% against the dollar during the 24 hour period ending at 0:00 AM ET on July 21st. In the last week, Synthetix has traded 16.6% lower against the dollar. One Synthetix coin can now be bought for approximately $8.45 or 0.00026354 BTC on exchanges. Synthetix has a total market capitalization of $970.71 million and approximately $145.89 million worth of Synthetix was traded on exchanges in the last day.
Here’s how related cryptocurrencies have performed in the last day:
- Binance USD (BUSD) traded 0% higher against the dollar and now trades at $1.00 or 0.00003119 BTC.
- DREP (DREP) traded down 21% against the dollar and now trades at $1.96 or 0.00003398 BTC.
- DREP [old] (DREP) traded down 19.5% against the dollar and now trades at $1.96 or 0.00003399 BTC.
- Chainlink (LINK) traded up 7.1% against the dollar and now trades at $15.32 or 0.00047757 BTC.
- Polygon (MATIC) traded 23% higher against the dollar and now trades at $0.89 or 0.00002788 BTC.
- Dai (DAI) traded 0.2% lower against the dollar and now trades at $1.00 or 0.00003121 BTC.
- THETA (THETA) traded up 11.5% against the dollar and now trades at $4.36 or 0.00013597 BTC.
- Aave (AAVE) traded 14.4% higher against the dollar and now trades at $264.65 or 0.00825157 BTC.
- botXcoin (BOTX) traded down 1.6% against the dollar and now trades at $2.05 or 0.00006395 BTC.
- Crypto.com Coin (CRO) traded up 4.6% against the dollar and now trades at $0.11 or 0.00000341 BTC.
Synthetix Coin Profile
According to CryptoCompare, “Synthetix (SNX) is a rebranding of Havven.io (HAV). Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism is designed to solve the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX. “
Buying and Selling Synthetix
It is usually not currently possible to purchase alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to trade Synthetix should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Synthetix using one of the exchanges listed above.
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