Monday’s Top Crypto Gainers: Synthetix up 20%, Avax Looks Bullish, BTCETF Hits $1.1m
The crypto market is rising again, with Bitcoin’s price back above $37,000 and Ethereum breaching the $2,000 mark.
However, it’s not just the world’s largest cryptocurrencies making moves – an array of altcoins are also posting solid gains and look likely to continue their momentum into this week.
This article discusses five of Monday’s top crypto gainers that investors may wish to watch in the days ahead.
1. Synthetix Continues Surging & Hits Highest Value in 15 Months
One of the biggest gainers in the past 24 hours is Synthetix (SNX), which has jumped over 20% to hit $3.63.
SNX is now up 95% in the past month and is trading at its highest level since August 2022.
The sharp rise in Synthetix’s value isn’t due to a single event; rather, it’s the result of a combination of factors, including positive market sentiment and growing recognition of its unique derivatives platform.
Synthetix’s derivatives, called “Synths,” can track the real-world value of assets like gold, stocks, and even cryptocurrencies.
Although the SNX price has proved volatile in the past, the token’s recent rally has boosted interest in the Synthetix protocol once more.
Avalanche (AVAX) has been one of the most talked-about altcoins recently, mainly due to its impressive performance.
Since last month, AVAX’s price has risen more than 155% and is now around $22.16.
Over the weekend, AVAX rose another 5% – although it has begun to pull back at the time of writing.
Investors appear to be taking profits around the $23.00 level, leading to significant price volatility.
However, daily spot trading volumes remain elevated at $743 million, making AVAX the ninth most-traded cryptocurrency globally.
As such, even though a percentage of investors may be exiting their positions, there is still considerable interest in AVAX, indicating that it could maintain its presence going forward.
3. Bitcoin ETF Token’s Presale Hits $1.1m in Just Two Weeks
Another of the biggest gainers in the past day has been Bitcoin ETF Token (BTCETF), which recently surpassed the $1.1 million mark in its ongoing presale phase.
This milestone, achieved in just two weeks, translates to an impressive daily inflow of over $78,000 into the presale – highlighting strong investor interest in the project.
As its name implies, Bitcoin ETF Token is a cryptocurrency designed to offer exposure to the potential launch of a spot Bitcoin ETF in the US.
BTCETF incorporates several deflationary measures, including a 5% token burn when real-world ETF milestones are hit, to ensure that its value is aligned with the success of a spot BTC ETF.
With BTCETF set to be listed on exchanges once the presale concludes, investor interest could remain high – making this another token worth watching this week.
4. Immutable Takes Fourth Spot on CoinMarketCap’s Gainers List
It uses zero-knowledge rollups to offer instant trading and massive scalability, capable of handling up to 9,000 transactions per second (TPS).
IMX, Immutable’s native token, is trading above $1.36 and has jumped over 30% since Saturday.
This has placed it in fourth position on CoinMarketCap’s list of top crypto gainers in the past 24 hours.
IMX’s surge is likely attributed to a confluence of factors, including increased demand for crypto gaming tokens and growing institutional interest in Ethereum, due in part to BlackRock’s spot ETH ETF filing.Immutable also recently partnered with Ubisoft’s Strategic Innovation Lab to create a new gaming experience – further enhancing investor enthusiasm.
5. Arweave’s Decentralized Data Storage Contributes to Investor Demand
Lastly, Arweave (AR) has also been one of the biggest gainers in the past day, rising 18% to $9.10.
Arweave is a decentralized storage network that allows permanent data storage and hosting on the blockchain.
It employs a unique “blockweave” architecture and uses its native token, AR, for transactions.
The usage of Arweave is growing due to several factors, including the increasing demand for decentralized storage as people become more aware of the privacy risks associated with centralized storage solutions.
In addition, new use cases for Arweave are emerging, such as storing sensitive data like medical records.
These factors, combined with the positive sentiment in the broader crypto market, contribute to the uptrend in AR’s value.