This Altcoin Has Gained Over 210% in the Past Month
June was an interesting month that saw Bitcoin (BTC) finally top out around $10,000 after its massive bull run that came after the March collapse to below $4,000.
With the relatively stagnant recent Bitcoin price action, a window of opportunity has emerged for altcoins to begin gaining significant momentum.
As we have reported over the past few weeks, decentralized finance (DeFi) tokens have been the biggest beneficiaries of this trend, aided by the launch of Compound Token (COMP) and Balancer (BAL) and rush to begin “yield farming” these and other tokens.
As a result, many incumbent DeFi tokens have surged in price substantially, with Synthetix (SNX) leading over the last month, gaining 213% and bringing the token to an impressive $209.5 million market cap.
SNX, which helps secure the network and incentivize staking, has been on an absolute tear since the start of June — adding to an already impressive run-up from last year. The returns since this time last year are now close to 720%.
While the main focus of Synthetix has been on on-chain derivatives around crypto-native assets and even gold, the project is also looking at bringing its tokenization model to traditional equity markets. There are substantial regulatory barriers that likely will make this a long process, but the nature of the decentralized swaps adds a layer of abstraction that might be enough to convince regulators to not actively squash the efforts.
Additionally, Synthetix pushed out the Acrux upgrade on Tuesday, adding native binary options to the protocol and further fuel to the rally.
Recent: Synthetix Governance Call
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.