Synthetix (SNX) Market Cap Hits $498.79 Million

Synthetix (SNX) traded up 12% against the US dollar during the 24-hour period ending at 16:00 PM ET on August 6th. One Synthetix coin can now be bought for $4.34 or 0.00018767 BTC on popular exchanges. During the last week, Synthetix has traded up 13.8% against the US dollar. Synthetix has a total market cap of $498.79 million and $136.32 million worth of Synthetix was traded on exchanges in the last 24 hours.

Here is how similar cryptocurrencies have performed during the last 24 hours:

  • BITCOIN ADDITIONAL (BTCA) traded 0.9% higher against the dollar and now trades at $23,143.55 or 1.00000000 BTC.
  • Binance USD (BUSD) traded 0% higher against the dollar and now trades at $1.00 or 0.00004321 BTC.
  • Crypto.com Coin (CRO) traded 5% higher against the dollar and now trades at $0.41 or 0.00001075 BTC.
  • Dai (DAI) traded 0% higher against the dollar and now trades at $1.00 or 0.00004320 BTC.
  • Polygon (MATIC) traded up 1.1% against the dollar and now trades at $0.92 or 0.00003956 BTC.
  • Mammoth (MMT) traded up 0.2% against the dollar and now trades at $0.84 or 0.00003643 BTC.
  • yOUcash (YOUC) traded 0% lower against the dollar and now trades at $0.51 or 0.00002209 BTC.
  • FTX Token (FTT) traded 2% higher against the dollar and now trades at $30.73 or 0.00132787 BTC.
  • Chainlink (LINK) traded up 2.1% against the dollar and now trades at $7.83 or 0.00033831 BTC.
  • Geegoopuzzle (GGP) traded up 4.2% against the dollar and now trades at $15.70 or 0.00067844 BTC.

About Synthetix

Synthetix is a coin. It was first traded on March 11th, 2018. Synthetix’s total supply is 215,258,834 coins and its circulating supply is 114,841,533 coins. The official website for Synthetix is www.synthetix.io. The Reddit community for Synthetix is https://reddit.com/r/synthetix_io and the currency’s Github account can be viewed here. The official message board for Synthetix is research.synthetix.io. Synthetix’s official Twitter account is @synthetix_io and its Facebook page is accessible here.

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 presently possible to buy alternative cryptocurrencies such as Synthetix directly using U.S. dollars. Investors seeking to acquire Synthetix should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Synthetix using one of the exchanges listed above.

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