Synthetix (SNX) traded 1% higher against the dollar during the 24-hour period ending at 23:00 PM Eastern on June 23rd. Synthetix has a market cap of $356.73 million and $158.36 million worth of Synthetix was traded on exchanges in the last day. Over the last week, Synthetix has traded 76.5% higher against the dollar. One Synthetix coin can currently be bought for $3.11 or 0.00014641 BTC on major exchanges.
Here is how other cryptocurrencies have performed over the last day:
- Binance USD (BUSD) traded up 0.1% against the dollar and now trades at $1.00 or 0.00004714 BTC.
- BITCOIN ADDITIONAL (BTCA) traded down 0.8% against the dollar and now trades at $20,156.12 or 0.95000000 BTC.
- Mammoth (MMT) traded down 0.1% against the dollar and now trades at $1.78 or 0.00008411 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.
- Dai (DAI) traded up 0% against the dollar and now trades at $1.00 or 0.00004714 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.
- THETA (THETA) traded flat against the dollar and now trades at $5.25 or 0.00010640 BTC.
- Polygon (MATIC) traded up 26.9% against the dollar and now trades at $0.62 or 0.00002905 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 possible to buy alternative cryptocurrencies such as Synthetix directly using US dollars. Investors seeking to acquire Synthetix should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Coinbase or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Synthetix using one of the aforementioned exchanges.
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