Synthetix (SNX) traded 2.9% higher against the dollar during the 1-day period ending at 21:00 PM E.T. on May 14th. In the last week, Synthetix has traded 37% lower against the dollar. One Synthetix coin can currently be bought for $2.74 or 0.00009172 BTC on exchanges. Synthetix has a market capitalization of $314.51 million and approximately $52.29 million worth of Synthetix was traded on exchanges in the last day.
Here’s how other cryptocurrencies have performed in the last day:
- BITCOIN ADDITIONAL (BTCA) traded up 1.4% against the dollar and now trades at $29,850.96 or 0.99974776 BTC.
- Binance USD (BUSD) traded up 0.2% 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 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 Gemini, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Synthetix using one of the exchanges listed above.
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