Altcoin bulls pile into Synthetix (SNX), Axie Infinity (AXS) and EOS
Bitcoin’s (BTC) steady range-bound trading opened the door for select altcoins to rally higher as antsy traders scour the markets in search of profitable opportunities.
The growing momentum in both decentralized finance (DeFi) and nonfugbible tokens have helped lead to a boost to prices, while the adoption of a stablecoin on the EOS protocol is a major source of validation for the EOSIO ecosystem.
SNX chases after its all-time high
According to data from Cointelegraph Markets Pro, Synthetix (SNX) has been one of the strongest performers of the past week, rallying 100% to hit a multi-week high of $12.76 on July 5 as excitement for DeFi-related tokens began to build.
As seen on the chart above, the price of SNX has rallied 32% from a low of $9.17 in the early trading hours on July 9 to reach an intraday high at $12.14.
One possible factor playing into the rise of SNX over the past week is the generous 39.3% APY offered to SNX stakers, which may have contributed to the current increase in volume and subsequently resulted in an increase in the total value locked on the Synthetix protocol.
AXS continues its week-long surge
The second-best 24-hour performer is Axie Infinity (AXS), a blockchain-based trading and battling game that allows players to collect, breed, raise, battle and trade token-based creatures known as Axies.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on July 5, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for AXS climbed into the green zone on July 5 and reached a high of 82 around three hours before its price began to surge 115% over the next two days to establish a new all-time high at $16.70 on July 7.
EOS moves higher after stablecoin adoption
The third best 24-hour performer is EOS, a layer-one blockchain network that made waves in 2017 when it raised more than $4 billion during its initial coin launch.
The most significant recent development for the protocol was its selection to host the Ducat, a native algorithmic stable coin of the American CryptoFed DAO, which became the first legally recognized decentralized autonomous organization (DAO) in the United States after supportive legislation passed in the U.S. state of Wyoming.
This development comes on the heels of a $10 billion investment by Block.one to build Bullish Global, an exchange based on EOSIO protocol and it points to a growing list of use cases for the delegated-proof-of-stake (DPoS) platform.
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