Synthetix (SNX) traded 2.9% higher against the dollar during the twenty-four hour period ending at 21:00 PM E.T. on May 14th. During the last seven days, Synthetix has traded down 37% against the dollar. One Synthetix coin can currently be bought for $2.74 or 0.00009172 BTC on popular cryptocurrency exchanges. Synthetix has a total market capitalization of $314.51 million and $52.29 million worth of Synthetix was traded on exchanges in the last day.
Here’s how similar cryptocurrencies have performed during the last day:
- BITCOIN ADDITIONAL (BTCA) traded 1.4% higher against the dollar and now trades at $29,850.96 or 0.99974776 BTC.
- Binance USD (BUSD) traded 0.2% higher against the dollar and now trades at $1.00 or 0.00003355 BTC.
- Crypto.com Coin (CRO) traded 5% higher against the dollar and now trades at $0.41 or 0.00001075 BTC.
- Parkgene (GENE) traded flat against the dollar and now trades at $25.59 or 0.00045023 BTC.
- DREP (DREP) traded flat against the dollar and now trades at $1.96 or 0.00003398 BTC.
- DREP [old] (DREP) traded flat against the dollar and now trades at $1.96 or 0.00003399 BTC.
- Dai (DAI) traded 0.1% higher against the dollar and now trades at $1.00 or 0.00003349 BTC.
- Polygon (MATIC) traded 0.1% lower against the dollar and now trades at $0.68 or 0.00002270 BTC.
- THETA (THETA) traded flat against the dollar and now trades at $5.25 or 0.00010640 BTC.
- FTX Token (FTT) traded 0.8% higher against the dollar and now trades at $31.39 or 0.00105144 BTC.
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. “
Synthetix Coin Trading
It is usually not presently possible to buy alternative cryptocurrencies such as Synthetix directly using U.S. dollars. Investors seeking to trade Synthetix should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Synthetix using one of the exchanges listed above.
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