As the crypto market grows into another bull season, investors are looking for the best altcoins to buy. Among the top altcoins looking to make significant gains in the bull market and rise in the ranking are Synthetix (SNX), Theta Network (THETA), and Pullix (PLX). Let’s find out which of these altcoins can break into the top 50 first.
Synthetix (SNX) Declines Despite Ending Inflation
In December, when the Synthetix (SNX) announced the end of token inflation, there were hopes of a sustained uptrend among the community. After ending inflation, the focus was shifted to buying back and burning SNX to increase its value.
Sadly, things haven’t turned out as planned, and the Synthetix coin is currently losing value. The value of the SNX coin has decreased by 15% on the weekly chart. According to CoinMarketCap, this fall has caused the Synthetix coin’s market cap to decrease to $1.04 billion, placing it as the 63rd largest cryptocurrency.
The price of SNX may go below the crucial $3 support level if the downturn isn’t stopped. The market’s attitude has soured as a result of the fall. There must be a sizable token burn or a big market shift from the project for Synthetix to rank among the top 50 cryptocurrencies.
Massive Presale Success Sets Pullix Up for Top 50 Chase
Pullix (PLX) is one of the top altcoins that analysts believe has enough bullish momentum to make a run for the top 50 cryptos. This new DeFi project has seen massive success in presale, raising more than $3.8 million in just a few weeks. In addition, the ERC20 coin of the platform, PLX, has risen 100% from its starting value of $0.04 to $0.08.
The recent upsurge in interest from investors has seen Pullix sell off over 10.5 million tokens already. The DeFi project has generated immense interest because of its hybrid exchange infrastructure. Pullix is built as a non-custodial exchange, which implies that the users hold complete authority over their digital assets.
The DeFi project also provides access to major financial markets. In Pullix, many users can easily exchange assets from various markets of stocks, forex, and commodities. These are much bigger markets than the crypto market. The OTC derivatives market is valued at over $630 trillion, which gives a promising potential for Pullix.
The deeper Pullix penetrates these markets, the higher the chances of a major increase in the value of the PLX token. Pullix will launch in the first quarter of 2024. This growth path means that Pullix could become one of the top 50 altcoins.
Theta Network (THETA) NFT Adoption Grows
Theta Network (THETA) is a decentralized video streaming platform that uses blockchain technology to enhance the effectiveness and quality of video content delivery. Several significant companies in the streaming space have joined with the platform, including Samsung.
Lately, the Theta Network network has seen a surge in NFT activity, recently partnering with NHL’s Vegas Golden Knights. Theta Network is ranked as the 66th largest cryptocurrency, with a market cap of $1.016 billion. However, Theta’s contention for a top 50 position is dampened by more innovative projects entering the blockchain space.
Closing Thoughts
Theta Network (THETA), Pullix (PLX), and Synthetix (SNX) are three of the best altcoins offering very unique use cases. However, in the race for a top 50 position, Pullix has the edge. With connections to markets much bigger than crypto, Pullix could become a crypto unicorn just weeks after its launch.
