Bitcoin’s (BTC) steady range-bound trading opened the door for select altcoins to rally higher as antsy traders scour the markets in search of profitable opportunities.
Data from Cointelegraph Markets Pro and TradingView shows that the top 3 movers over the past 24 hours are Synthetix (SNX), Axie Infinity (AXS) and EOS.
The growing momentum in both decentralized finance (DeFi) and nonfugbible tokens have helped lead to a boost to prices, while the adoption of a stablecoin on the EOS protocol is a major source of validation for the EOSIO ecosystem.
SNX chases after its all-time high
According to data from Cointelegraph Markets Pro, Synthetix (SNX) has been one of the strongest performers of the past week, rallying 100% to hit a multi-week high of $12.76 on July 5 as excitement for DeFi-related tokens began to build.
As seen on the chart above, the price of SNX has rallied 32% from a low of $9.17 in the early trading hours on July 9 to reach an intraday high at $12.14.
One possible factor playing into the rise of SNX over the past week is the generous 39.3% APY offered to SNX stakers, which may have contributed to the current increase in volume and subsequently resulted in an increase in the total value locked on the Synthetix protocol.
AXS continues its week-long surge
The second-best 24-hour performer is Axie Infinity (AXS), a blockchain-based trading and battling game that allows players to collect, breed, raise, battle and trade token-based creatures known as Axies.
As seen in the chart above, the VORTECS
EOS moves higher after stablecoin adoption
The third best 24-hour performer is EOS, a layer-one blockchain network that made waves in 2017 when it raised more than $4 billion during its initial coin launch.
Related: DeFi focused: Grayscale exploring 13 more crypto assets for its trusts
The most significant recent development for the protocol was its selection to host the Ducat, a native algorithmic stable coin of the American CryptoFed DAO, which became the first legally recognized decentralized autonomous organization (DAO) in the United States after supportive legislation passed in the U.S. state of Wyoming.
This development comes on the heels of a $10 billion investment by Block.one to build Bullish Global, an exchange based on EOSIO protocol and it points to a growing list of use cases for the delegated-proof-of-stake (DPoS) platform.
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