Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Weiss Ratings Says Crypto Newcomer Set for Meteoric Growth in Second Half of 2020

by Daily Hodl Staff
August 20, 2020
in Altcoins, Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Analysts at Weiss Ratings believe SNX, the native token for the decentralized exchange Synthetix, will triple in value by year’s end.

Built on the Ethereum blockchain, Synthetix allows users to bet on stocks, crypto, fiat currencies, and commodities via synthetic assets that are collateralized by SNX. SNX tokens have shot up 64.6% in the past 30 days and 1,961% in the past year, according to CoinGecko. They’re trading at $6.37 at time of writing.

Weiss analysts also note that they believe SNX still has a lot of room to grow. Despite the explosion of decentralized finance (DeFi) platforms like Synthetix over the past month, they still represent less than one-tenth the size of all smart-contract platforms, which are worth $45.7 billion overall.

Weiss also argues that the token’s staking rewards will drive up the value.

“0.3% of every trade taking place on Synthetix goes into a sUSD fee pool, which is distributed to SNX coin holders in proportion to the size of their stakes…. On top of that, staked coins are also eligible to receive block rewards. These are additional SNX created from time to time during Synthetix’s first six years of operation to increase overall liquidity.”

Because of those rewards, 70-80% of SNX tokens are staked, which removes them from the circulating supply.

The analysts also point out that there is probably a 1-10 ratio in the total value of equities trading around the world compared to the value of the derivatives trading on top of them, a stat they say is indicative of the potential value of a platform like Synthetix.

“Buying SNX is like buying stock in a highly-liquid crypto exchange with derivatives trading… binary options started trading on July 1… Within a week, SNX jumped from $1.90 to $2.60. And now, just 44 days later, SNX is $5 coin and climbing.

This is just a taste of the gains that are likely in store as Synthetix launches crypto futures and leveraged trading – sometime between now and year end.”



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Vladi333

Submit a Press Release

Crypto Livewire – Press Releases

  • Meet Beste Bank – Your New Reliable Crypto Knowledge Base
    January 27, 2021
  • Cryptocurrency to Fight Cancer: From Bitcoin to Altcoins
    January 26, 2021
  • How Traders Are Gaining by Holding Crypto: Staking Tron (TRX) and Cardano (ADA)
    January 21, 2021
  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
Submit a Guest Post
Bitcoin
$31,730.00
$31,730.00
6.29%
Ethereum
$1,338.20
$1,338.20
8.66%
Polkadot
$17.10
$17.10
10.73%
XRP
$0.261613
$0.261613
4.85%

Spotlight

  • Top Crypto Lawyers Predict Outcome of SEC’s Case Against Ripple and XRP
    January 21, 2021
  • Coinbase Says Institutions Beginning To Pour Money Into Ethereum in Addition to Bitcoin
    January 25, 2021
  • Former Ripple Advisor Tapped To Become Top US Banking Regulator: Report
    January 22, 2021
  • Publicly-Traded Firm Buys $150,000,000 in Bitcoin, Says Holding BTC Superior to Holding US Dollar
    January 26, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.