Altcoin bulls pile up in Synthetix (SNX), Axie Infinity (AXS) and EOS

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The steady area-bound trading of Bitcoin (BTC) opened the door for select altcoins to move higher as nervous traders scour the markets in search of profitable opportunities.

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

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Best performing assets in the last 24 hours. Source: Cointelegraph Markets Pro

The growing momentum in both decentralized financing (DeFi) and non-accessible tokens has led to a price increase, while the introduction of a stablecoin on the EOS protocol is an important source of validation for the EOSIO ecosystem.

SNX is chasing its all-time high

Synthetix (SNX) was one of the strongest performers of the past week according to data from Cointelegraph Markets Pro, hitting a multi-week high of $ 12.76 on July 5 as craze for DeFi-related tokens began to grow.

SNX / USDT 4-hour chart. Source: TradingView

As can be seen on the graph above, SNX price has risen 32% from a low of $ 9.17 in the early hours of trading on July 9, to hit an intraday high of $ 12.14.

One possible factor influencing the rise in SNX over the past week is the generous 39.3% APY offered to SNX starers, which may have contributed to the current rise in volume and, as a result, an increase in the overall value of the Synthetix protocol.

AXS continues its week-long surge

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

VORTECS ™ data from Cointelegraph Markets Pro began to see a bullish outlook for AXS on July 5th ahead of the recent price hike.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for AXS climbed into the green on July 5th, hitting a high of 82 about three hours before the price began to climb 115% over the next two days to one establishing new all-time high at $ 16.70 on July 7th.

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 more than $ 4 billion during its first coin launch.

connected: DeFi focused: Grayscale is investigating 13 more crypto assets for its trusts its

EOS / USDT 4 hour chart. Source: TradingView

The most important recent development for the protocol was the selection of the Ducat, a native algorithmic stable coin of the American CryptoFed DAO, which became the first legally recognized decentralized autonomous organization (DAO) in the state of Wyoming after enactment of supporting laws in the United States .

This development follows a $ 10 billion investment by Block.one to build Bullish Global, an exchange based on the EOSIO protocol, and points to a growing list of use cases for Delegate Proof-of-Stake (DPoS ) Platform.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.