Synthetix Network Price SNX

Synthetix Network Price Overview

The current Synthetix Network price is 2.170000 €. The price has changed by 11.74% in the past 24 hours on trading volume of 134306141.00 €. The market rank of Synthetix Network is 143 based on a market capitalization of 706186599.00 €. Synthetix Network has a circulating supply of 327769196.14 SNX. The highest recorded Synthetix Network price is 23.540 €. And the lowest recorded SNX price is 0.030464870 €.

How do Synthetix Network price movements correlate with market trends? Check our complete cryptocurrency exchange rate page for information at a glance.

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Synthetix (SNX) network launched in 2017 under the name Havven (HAV), founded by Kain Warwick. A year later, the project was rebranded to its current name and has traded under the ticker SNX ever since.

Synthetix is an Ethereum-based liquidity protocol created for the issuance of synthetic assets, hence the name of the project. These synthetic assets (known as Synths) are a part of the DeFi (Decentralized Finance) sector and are analogous to derivatives. Synths use ERC-20 type smart contracts built on the Ethereum network and based on the Synthetix protocol. They can represent inverses, cryptocurrencies, indexes and real-world assets such as gold. Synths track the prices of these assets meaning users can gain exposure to them without physical ownership. Also, you can exchange and trade Synths on the Synthetix-powered decentralized exchange (DEX), Kwenta. SNX has an important role in the DeFi ecosystem as the native crypto of the Synthetix protocol and acts as collateral against issued synthetic assets.

Synthetix price is susceptible to frequent changes in relation to its total supply, market cap, demand, intrinsic value and other specific factors that may affect the market price. But how does Synthetix price react to these factors and what is its true value? If you've ever wondered this, then you are in the right place. We've gathered all the information you need to find out what affects Synthetix price and what defines it.

SNX Price History

The price of Synthetix (SNX) depends on a multitude of specific factors, including the balance between its market capitalization, circulating supply, and the total supply of SNX. The total supply in comparison with the circulating supply also reveals the overall demand for SNX, along with trading volumes that show buy and sell activity for Synthetix. Overall sentiment among traders, active market trends, important news and events, and upgrades and updates also affect Synthetix price and shape its value in the market.

Synthetix was rebranded from its former name Havven in November 2018, at which point it was trading at a value of $0.059. In previous months – before the rebranding event – SNX price was set at an average of $0.48, after which it took a downward path. 2019 brought new lows for Synthetix — in January it mostly traded between $0.037 and $0.050, and hit its all-time low (ATL) of $0.034. Between then and April 2021, SNX price has increased by nearly 60,000%.

The average price in March 2019 was recorded at $0.050, showing positive price corrections in comparison to the previous month. SNX price entered a mild recovery phase in April and May of the same year, mostly trading at around $0.07 to $0.08. Synthetix saw a bullish pace of growth that pushed its price to new highs of $0.26 at the end of May. From that point on, Synthetix price started to follow a more bullish trajectory, trading in the range of $0.20 to $0.37 from the beginning of June to the end of August 2019, as market swings affected recovery attempts. September started with a bullish period of growth, scoring $0.40 as the new high and trading close to $0.50 by October. Once Synthetix price reached the value of $0.50, it appears that it was easier for SNX to affirm its position, rising to new highs of $0.70 before the end of October.

November 2019 saw new highs for Synthetix price, breaking the record at the natural price target of $1 before reaching around $1.50. There were then declines in December, but Synthetix price barely went below $1, briefly dipping to $0.90. SNX maintained that price range throughout January and February 2020 with occasional dips to $0.90, while March brought new lows, pushing the price down to $0.40. However, July arrived with a rather bullish surge, so Synthetix price saw new highs at the value of $2.91. The momentum was strong enough to bring the price above $3 by the end of the month and to $4 by the beginning of August 2020. SNX price peaked in September when Synthetix traded at a value of $7.14. However, Synthetix once again dipped from its peak and the price of $7 wasn’t retested until the end of December that year. Then SNX price once again surpassed $7, after which it reached $8, ending the year on a positive note.

The year 2021 started bullish for the majority of cryptocurrencies, including SNX. Synthetix price had already reached new highs in the first days of January, trading between $12 and $17. It hit an all-time high (ATH) of $28.53 on 14 February 2021. After that, SNX price dipped by nearly 27% and is trading around the price of $20 in April 2021, with returns of 3000% since the start of the year.

Analyzing Synthetix Price History

When analyzing Synthetix (SNX) price history, cryptocurrency traders and investors can source valuable data from charts and other investment tools that are commonly used for analyzing assets traded in traditional financial markets. Investment tools and techniques such as technical analysis (TA) are used to predict the future price movement based on historical prices and trend patterns. TA utilizes market data statistics and price charts to help forecast Synthetix price, as well as the future value of other cryptos.

Cryptocurrency investors and traders can also turn to fundamental analysis and sentiment analysis to create more accurate price forecasts along with TA. Fundamental analysis is used to determine the real-life value and the market value of Synthetix by taking into account specific financial and economic elements that affect the market and define prices. Important events, news, upgrades and updates, as well as the activity of the development team, are all taken into consideration in fundamental analysis.

Sentiment analysis concerns opinion — it evaluates positive, negative, and neutral sentiment that affect activity in the market and helps shape the price of SNX. Sentiment analysis reflects the general opinion and emotion concerning the cryptocurrency market and how it affects buying and selling activity.

Synthetix price is prone to major price booms and dips, which can mean a fine line between collecting major returns or suffering radical losses, depending on active market trends and buy and sell action. While it may not be possible to accurately determine the future price of a cryptocurrency, traders can use these analysis techniques to forecast price movements for SNX and other cryptos.

Factors Influencing the Price of Synthetix (SNX)

As the DeFi market is gaining more traction throughout 2020 and 2021, Synthetix price is following positive sentiment, which may be one of the reasons why SNX recorded returns of 3003% from April 2020 to April 2021. The price of SNX depends on a great number of specific factors that influence and shape its market value, including the balance between buying and selling SNX, trading volumes, and the circulating supply, as well as market cap and positions in the market. Synthetix price also depends on its technical potential, utility, and the overall market sentiment among investors, which can often be expressed through trading volumes.

Trends in the rest of the cryptocurrency market can also affect the price of SNX, as Synthetix may act bullish when the entire market is counting gains and new peaks. This was the case in February 2021 when SNX price recorded a new ATH, along with other top trading cryptocurrencies such as Bitcoin, which holds nearly 60% of the total crypto market value and therefore influences the price of other coins.

Live Synthetix Value and Market Cap

Synthetix price depends on numerous specific factors and is in perpetual flux due to the high levels of volatility in the as yet “immature” cryptocurrency market. Synthetix market cap is expressed by multiplying the number of SNX units in circulation by the current live price of Synthetix. The market cap also determines the rank of SNX as compared with other tradable assets in the crypto market and defines its market dominance.

Buy and sell activity can be observed through trading volumes, which also express the demand and sentiment for SNX, following market trends and the overall trajectory of the crypto economy.

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Conclusion

Synthetix price went from trading at lows of $0.030 to an all-time high of $28.53, representscoring gains of nearly 60,000% of gains between its lowest and highest market value.

SNX price keeps fluctuating to match active market trends, buy and sell activity, and a diapason of specific factors that form its value and shape the market price. With strong utility and great technical potential, SNX value could yetmay soon spike to reach new heightsigh prices.

If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Synthetix and cryptocurrencies!

How much is 1 Synthetix Network worth?

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