Synthetix (CURRENCY:SNX) traded 4.2% higher against the US dollar during the 24-hour period ending at 15:00 PM ET on April 8th. Over the last week, Synthetix has traded up 7.8% against the US dollar. One Synthetix coin can now be bought for approximately $20.04 or 0.00034482 BTC on exchanges. Synthetix has a market capitalization of $2.30 billion and $104.56 million worth of Synthetix was traded on exchanges in the last 24 hours.
Here’s how related cryptocurrencies have performed over the last 24 hours:
- Chainlink (LINK) traded 5.2% higher against the dollar and now trades at $32.36 or 0.00055685 BTC.
- THETA (THETA) traded up 8.6% against the dollar and now trades at $13.16 or 0.00022638 BTC.
- DREP (DREP) traded down 21% against the dollar and now trades at $1.96 or 0.00003398 BTC.
- DREP [old] (DREP) traded 19.5% lower against the dollar and now trades at $1.96 or 0.00003399 BTC.
- Crypto.com Coin (CRO) traded 9.3% higher against the dollar and now trades at $0.20 or 0.00000348 BTC.
- FTX Token (FTT) traded 10.5% higher against the dollar and now trades at $48.86 or 0.00084067 BTC.
- Aave (AAVE) traded up 4.8% against the dollar and now trades at $369.21 or 0.00635247 BTC.
- Binance USD (BUSD) traded down 0% against the dollar and now trades at $1.00 or 0.00001723 BTC.
- Holo (HOT) traded 16% higher against the dollar and now trades at $0.0238 or 0.00000041 BTC.
- Huobi Token (HT) traded up 6.2% against the dollar and now trades at $17.63 or 0.00030331 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. “
Buying and Selling Synthetix
It is usually not currently possible to purchase alternative cryptocurrencies such as Synthetix directly using U.S. dollars. Investors seeking to acquire Synthetix should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, Gemini 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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