general

The SNX cryptocurrency has risen by more than 30% in the last 24 hours…Here are the reasons for the rise?

The SNX cryptocurrency has risen by more than 30% in the last 24 hours…Here are the reasons for the rise?

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer The SNX cryptocurrency has risen by more than 30% in the last 24 hours…Here are the reasons for the rise?

The cryptocurrency market is showing signs of a slight relief after the bloodbath that lasted all weekend and ended at least for the time being with Bitcoin’s weekly close above the $20,000 mark.

Synthetix Project’s SNX cryptocurrency has remarkably emerged in the last hours, after increasing by more than 30% at the time of writing.

Exciting rise of the SNX digital currency:

The SNX cryptocurrency is trying to regain its previous high formed around the $3 resistance area.

SNX has briefly seen a three-digit rally of more than 100% in the past 24 hours, ascending to $3.4 before bouncing back and dropping to around $2.6 and is currently trading at 2.98%.

Read:The story of an investor in the crypto market whose portfolio went from $185,000 to $0 in 3 weeks!

Additionally, SNX’s trading volume has increased by a staggering 1,200%.

Synthetix is ​​often described as a promising DeFi project, and it was one of the first projects launched on the Ethereum network.

What is the reason behind the insane rise of the digital currency SNX?

The SNX cryptocurrency received a significant price boost after Synthetix collaborated with liquidity provider Curve Finance.

The goal of the partnership is to develop synthetic Ethereum and Bitcoin pools that will enable market participants to convert synthetic assets such as SETH to ETH in a highly cost-effective manner.

The introduction of the atomic exchange function with a suggestion is SIP-120 One of the motivating factors for the project, which made the attention turn towards the project and see a positive future in it.

Meanwhile, the integration with Curve Finance and a 1inch decentralized exchange aggregator has been focused on helping users make large-scale deals between different asset classes with minimal slippage.

This feature has been in place since November of last year, but Synthetix’s upgraded atomic exchanges, with SIP-198 introduced last month, have proven very useful in providing the necessary support for the ecosystem’s digital currency bounce.

Read:“SEC” files a lawsuit against the crypto company “LBRY” … for these reasons!

The main focus of SIP-198 is to improve the user experience.

Since the upgrade, volume has steadily risen above the $100 million mark before making $396 million last weekend.

Read also:

Lending platform Celsius suspends some of its activities on social networks…When will withdrawals resume?

Nine years in prison for a man who sells drugs in cryptocurrency


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Middle East cryptocurrency exchange “BitOasis” is laying off 5% of its employees…Details here
Next post
Lending platform Celsius suspends some of its activities on social networks…When will withdrawals resume?