• Synthetix (SNX) price has seen a huge surge in trading volume on January 20.
• Bulls have been dominating the market, pushing SNX price above $2.7.
• Synthetix is releasing their Eltanin release to add 22 new markets to Synthetix Perps.
Synthetix Price Surge
Synthetix (SNX) price witnessed an extremely volatile market a day after it recorded a massive surge in trading volume on January 20. The bears came into the market in their numbers to confront the bulls as they attempted to bag more profits for investors. On February 1, bulls took back everything the bears had taken from them, raising the price to a high of $2.72, which gave them an edge over their counterparts in the new month. Since then, bulls have not given any room for opposing forces, countering every attempt with a ton load of effort that has kept SNX price above $2.7. At the time of writing, SNX price was trading at $2.87 as bulls tried to build from the Monday gains. The token is up 12.5% in the last day, with a 24-hour trading volume of $120.97 million; this is a 113.12% increase from what was recorded and points to rigorous on-chain activity on the Synthetix network.
Market Cap Increase
Similarly, SNX live market cap is also up by a striking 13% to 720M in the last day, bringing it closer to the CoinMarketCap top 50, at #65.
Synthetix New Perpetual Futures Market
It is a tough day for the bears in the Synthetix market as traders take notice of Synthetix perpetual futures (Perps), according to an official post.
Synthetix went live with their Eltanin release on February 6th which will see 22 new markets added to Sythetix Perps soon without any downtime during its release.
The news about Syntheitsx’s Eltanin release has caused excitement amongst traders due its low fees and fast execution capabilities which allows for innovative products within its ecosystem making it possible for more people around world participate within cryptocurrency markets and benefit financially