Bitcoin's ( BitcoinTC) stable range-bound trading has opened up the possibility for certain altcoins, such as Bitcoin, to rally higher as greedy traders search the markets for profitable opportunities.
TradingView and Cointelegraph Markets Pro data show that Synthetix, Axie Infinity and EOS are the top three movers in the last 24 hours.
The rising momentum in decentralized finance (DeFi), and nonfugbible tokens has led to a rise in prices. Additionally, the adoption of a stablecoin via the EOS protocol is a significant source of validation for EOSIO ecosystem.
SNX chases its all-time high
Cointelegraph Markets Pro data shows that Synthetix has been one the most successful performers over the past week. It rallied 100% to reach a multi-week high at $12.76 July 5, as the excitement for DeFi tokens began building.
The chart shows that SNX's price has risen 32% from a low at $9.17 on July 9, to an intraday high of $12.14.
The generous 39.3% APY offered by to SNX stakeholders may have played a role in the recent rise in SNX. This could have contributed to the current surge in SNX and subsequently led to an increase in Synthetix protocol total value.
AXS continues its weeklong surge
AxieInfinity (AXS) is the second-best 24-hour performer. It's a blockchain-based trading platform that allows players to breed, raise and trade token-based creatures called Axies.
VORTECS(tm), data from CointelegraphMarkets Pro started to detect a bullish outlook on AXS on July 5, before the recent price increase.
Cointelegraph's exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
The chart shows that the VORTECS(tm), Score for AXS rose into the green zone on Jul 5, and hit a peak of 82 just three hours later. Its price then surged 115% over the next two consecutive days to $16.70, a new record high.
EOS rises after stablecoin adoption
EOS is the third-best 24-hour performer. It's a layer one blockchain network that raised over $4 billion in its initial coin launch.
Most recently, the protocol was selected to host the Ducat. This native algorithmic stable currency of American CryptoFed DAO (DAO) became the first legally recognized, decentralized autonomous organization in the United States.
This news comes after Block.one invested $10 billion to create Bullish Global, an EOSIO protocol-based exchange. It points to a growing number of uses for the delegated proof-of-stake platform.