Bitcoin’s stable area-bound trading has opened the door for altcoins to move higher as traders scour the markets for profitable opportunities.

Data from TradingView shows that the top 3 movers in the past 24 hours were Synthetix (SNX), Axie Infinity (AXS) and EOS.

The growing momentum in both decentralized funding (DeFi) and non-fungible tokens has supported the price hike, while the introduction of stablecoins on the EOS protocol is an important source of validation for the EOSIO ecosystem.

AXS reaches new ATH

The best performing 24 hour coin is Axie Infinity (AXS), a blockchain based fighting and trading game that allows players to collect, breed, raise, battle and trade token based creatures called Axies.

AXS / USDT 4-hour chart. Source: TradingView

If you look at the graph, you can see that AXS has increased more than 53% in 24 hours and has exploded more than 200% in the last seven days. It hit a new all-time high of $ 18.93 before falling slightly to current levels.

SNX is tracking ATH

Synthetix (SNX) was one of the top performers last week, rising more than 64% to hit a multi-week high of $ 12.76 on July 5 as the DeFi token flurry begins.

SNX / USDT 4-hour chart. Source: TradingView

As seen on the chart, in the early hours of July 9th, SNX price rebounded 32% from a low of $ 9.17 to an intraday high of $ 12.14.

One factor that could have influenced the rise in SNX over the past week was the generous 39.3% APY offered to SNX stakers, which may have contributed to the current and subsequent volume increase.

EOS rises after the introduction of stablecoins

The third best 24-hour performer is EOS, a first-tier blockchain network that made waves in 2017 when it raised over $ 4 billion in ICOs.

EOS / USDT 4 hour chart. Source: TradingView

The most significant recent development of the protocol was the decision to host Ducat, an algorithmic stablecoin from the American CryptoFed DAO, which became the first legally recognized decentralized autonomous organizations (DAO) legislation in the United States after the Wyoming legislation was passed.

This development builds on Block.one’s $ 10 billion investment to build Bullish Global, an exchange based on the EOSIO protocol, and indicates a growing list of use cases for the platform.

Annie

According to Cointelegraph

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