Synthetix price has made a strong recovery in the past few weeks. SNX, its token, has soared to $2.55, the highest point since November 8. The coin has surged by more than 70% from its lowest level in 2022. So, why is Synthetix soaring?
Synthetix usage rises
Synthetix is a useful blockchain project that exists in the trading industry. It is a derivatives protocol that makes it possible for developers to create financial derivatives known as synths. Therefore, developers can create synths of all assets, including stocks and commodities.
Synthetix price has done well in 2023 mostly because of the strong performance of cryptocurrencies. Bitcoin has surged above $21,000 while the total market cap of all digital coins has moved to over $945 billion.
SNX price has soared for several other reasons as well. In a statement, the number of daily active users on Synthetix has jumped sharply. According to The Defiant, daily active users in the network has more than doubled to over 5.8k. This growth happened after Synthetix launched perpetual futures on Optimism.
Perpetual futures are popular financial assets that resemble contracts in the stock and commodities industry. The only difference is that these futures contracts don’t have an expiry date. On the other hand, Optimism is one of the fastest-growing layer 2 networks in the blockchain industry.
Meanwhile, according to Synthetix, atomic swaps in its ecosystem have been in a strong bullish trend in the past few days. They have jumped in top platforms like Curve Finance. This is a sign that the network is doing well.
More so, Synthetix is one of the blockchain networks that is making money. The total SNX fees in the past 24 hours totaled about $21,650, which is higher than the 30-day average of $5,214. These are fees in its layer 1. In layer 2, the 7-day average fees is $51k. This means that total fees in the past 7 days was over $437k.
Synthetix price prediction
Signs of SNX bottom started to emerge in November when the token struggled to move below the support at $1.50. Since then, the coin has managed to move above the resistance point at $2, the highest point on December 5. It has also crossed the 50-day moving average while volume remains at an elevated level.
Therefore, the token will likely continue rising with the next key resistance point being at $2.80, the highest point on November 5.
IMX Price Double-Tops Ahead of Immutable X Token Unlocks
IMX crypto price pulled back on Friday as investors waited for the upcoming token unlock that is scheduled for Saturday. The token rose to a high of $0.675, which was slightly above the intraday low of $0.6513. It remains a few points below this year’s high of $0.7500.
Immutable X token unlock
Immutable X is a relatively small blockchain that plays an important role in the non-fungible token (NFT) industry. It is a layer-2 network that is focused on the non-fungible token (NFT) industry. A layer-2 network is a sidechain that handles transactions at a faster pace and at lower costs than Ethereum.
These networks, which include networks like Polygon, Arbitrum, and Optimism, handle transactions at a significantly lower cost. That’s because Ethereum is well-known for its substantially slow speeds and high transaction costs.
As a result, Immutable X has become a favorite blockchain for developers to launch their NFT collections. Data compiled by CryptoSlam shows that Immutable X handles tens of millions of NFT collections on a daily basis. In January, it has handled $11.3 million NFTs, lower than the $14 million that it processed in December. At its peak, it was handling over $53 million worth of NFTs per month.
Immutable X’s IMX token price retreated slightly ahead of the upcoming token unlock that will happen during the weekend. A token…
Cardano Price Gains Momentum as DeFi and NFT Ecosystem Wakes Up
Cardano price has been in a strong bullish trend in the past few weeks, making it one of the top-performing cryptocurrencies. ADA, its network token, has risen to a high of $0.39, which was the highest point since November 8. It has jumped by over 58% from the lowest level in 2022.
Cardano DeFi ecosystem rebound
Cardano price has been in a strong recovery as activity in its network do well. Data compiled by DeFi Llama shows that the total value locked (TVL) in Cardano’s DeFi ecosystem has been in a strong recovery as cryptocurrencies rebound. After falling below $60 million in 2022, the TVL has bounced back to about $102 million.
A closer look shows that most DeFi platforms are doing well. For example, MinSwap has seen its TVL jump by over 41% in the past 30 days. It has a market dominance of 31.4%. In the same period, Meld has seen its TVL soar to over$17.59 a million, making it the second-biggest DeFi platform in Cardano.
Other top players in the ecosystem are Indigo, WingRiders, MuesliSwap, and SundaeSwap have all seen their TVLs jump by double-digits, as shown in the chart below.
Aptos Price Continues to Defy Gravity as Activity Rises
Aptos price has been one of the best-performing cryptocurrencies in 2023 as it roared to its highest point on record. APT jumped to a high of $20.45, the highest point on record. In all, it has jumped by more than 493% from the lowest level of all time.
Why Aptos is soaring
Aptos is one of the fastest public blockchains in the world. It is an Ethereum rival that acts as a foundation for developers to build adaptive and high-quality applications across all sectors. The network, which is well-funded, has excellent speeds of more than 10,000 transactions per second.
Aptos has gained a lot of traction in the past few months. A good way to look at it is to consider the volume of assets that have been locked in the ecosystem. Data compiled by DeFi Llama shows that Aptos has a total value locked (TVL) of more than $75 million.
The number of apps in its ecosystem has been on a steady growth in the past few months. According to DeFi Llama, the number of DeFi apps in its ecosystem have grown to 16. It has a total value locked (TVL) of more than $75.65 million, making it one of the biggest players in the industry.
PancakeSwap is the biggest app in its ecosystem with a TVL of over $34 million. This…
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