Synthetix (SNX) Holds Monthly Gains As Broader Market Plummets
07 Mars 2023 - 4:50PM
NEWSBTC
Since the crypto market sentiment turned bearish after a few weeks
of improvement, many cryptocurrency prices have retraced. Many
coins have barely held their gains, while others have surrendered
the past month’s gains to the bears. Even the Synthetix token is
not safe from this downtrend, but surprisingly, it managed to
sustain some of its gains over the past 30 days. At press time, SNX
is up by nearly 8% in the past month. Initially, It was higher than
that but later reduced as the daily decline pushed stronger. New
Ecosystem Improvements Sustaining Synthetix’s Price Gains While
Others Decline Digital asset prices rely partly on ecosystem
improvements and utilities and largely on macroeconomic situations.
The pressure on the coins is higher now that extreme macroeconomic
conditions and external factors have affected the global
cryptocurrency market cap with bearish sentiments. The increased
uncertainty and fear in the market as the Feds continue their
aggressive interest rate hikes have raised the bar for ecosystem
innovations to sustain crypto asset prices. Related Reading:
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Know Synthetix IO is on an innovative path with several ongoing
projects that could boost SNX’s price. One of the latest
developments in the SNX ecosystem is the Synthetix Perps Arbitrage.
Synthetix Perps Arbitrage allows traders to profit while leveraging
temporary fund rate discrepancies between trading platforms. The
Synthetix developing team has come up with back-to-back improvement
projects for a better user experience. Preparations for the
Sythetix Perps V2 update are nearly complete and are expected to go
live soon. But as the V2 launch draws near, the community is
already talking about the Perps V3 update, which will happen
shortly after Perps V2. Synthetix Perpetual futures
(Synthetix Perps) allow users access to various tokens at low fees.
It uses a distributed model on Sythetix where liquidity providers
can delegate their liquidity to different pools and markets.
According to a note on Sythetix’s official Twitter account,
liquidity providers now have direct access to profitable markets
that minimizes loss over time. The features could attract new users
to Synthetix while pushing SNX’s price as more people pay fees with
it. SNX Price Outlook Amid Bearish Market Synthetix token (SNX) is
trading at $2.94, with a 9.22% price decline over the past 24
hours. Although it lost some percentages today, it scored gains
over the past two days when other tokens recorded price declines.
As of March 6, SNX’s price gained 7.6%, adding $0.218435 to its
past-day price of $2.88. It also rallied by 0.3% on March 5,
placing it among the weekly gainers in the bearish market. SNX’s
price retained gains over the past 30 days when top coins like
Bitcoin fell. The token’s price increased considerably between
February 25 and March 1, when it rallied from $2.47 to $3.03. Also,
data from CoinMarketCap shows SNX trading volume saw an uptick
during this period of the price rally. As of February 26, SNX’s
trading volume stood at $44.9 billion. The trading volume doubled
to $87.4 billion on February 27 and increased again to $114.54 on
the 28th. This observation suggests an increased network activity,
which might be responsible for the price rally. Related Reading:
Maker (MKR) Registers 15% Gains In The Last Week, What’s Pushing
It? The market-wide downturn is primarily because many investors,
especially the buy-and-hold investors, are scared of purchasing any
coin as they fear what might happen once the next interest rate
hike bps kicks off. However, the ongoing innovations on the
Sythetix Network might sustain the token’s price against the odds
in the broader crypto market. Featured image from Pixabay and chart
from TradingView.com
Maker (COIN:MKRUSD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Maker (COIN:MKRUSD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024