Last Friday, known as Black Friday, saw a major collapse in the market as tariff tensions between the US and China flared up again.
While altcoins in particular took a major hit during this crash, a rapid recovery process began afterwards.
At this point, while altcoins were trying to reduce their losses, some altcoins attracted attention in the market with their rise.
At this point, Synthetix (SNX) literally said “I'm here too” after many years and became the altcoin that rose the most in the last 24 hours.
According to CoinMarketCap data, SNX topped the list with a surge of more than 120% in the last 24 hours. Bittensor (TAO) followed with a 29.8% increase and Story (IP) with a 29.6% increase.
Render (RENDER) rose by 21.4%, Aethir (ATH) rose by 20%, and Ethena (ENA) rose by 19.4%.
On the other hand, according to Coinmarketcap data, the biggest losers in the last 24 hours are as follows: Dash (DASH) in first place with a 2.7% loss, MemeCore (M) in second place with a 1.9% loss, Zcash (ZEC) in third place with a 1.8% loss, and LEO in first place with a 0.2% loss.
Why Is Synthetix (SNX) Rising?
Behind this movement of SNX, which has increased by 200 percent in the last month and more than 120 percent in the last 24 hours, lies the futures exchange that the project will launch.
This surge was also driven by a trading competition launched by the Synthetix project on October 20th. The competition will feature 100 high-profile traders and a $1 million prize pool. Notably, this competition will be the first futures DEX competition held on the Ethereum mainnet.
*This is not investment advice.