Cryptocurrency analyst Lark Davis, popular on Youtube and Twitter, explains why he is bullish on an altcoin project in 6 items.
Lark Davis shared his bullish altcoin project
Lark Davis shared on Twitter why he invested in Synthetix (SNX) today. Synthetix is a DeFi protocol that provides access to a wide variety of crypto and off-chain products. The protocol is based on Ethereum and gives users access to liquid synthetic assets (synths). Binance Academy describes Synthetix as follows:
Synthetix enables the creation of synthetic assets on the Ethereum platform. A synthetic asset can be viewed as a specific type of derivative. It gives you the tools to access an asset without actually having to own it. Examples are fiat currencies like USD, commodities like silver and gold, and cryptocurrencies like BTC or ETH. The reverse of the underlying asset is available, providing traders with a simple method to hedge their current assets and yeild-farming positions or to hold open positions.
Using Synthetix, users can access certain products that are not available on the Blockchain. The DeFi index, which records the price of a basket of several DeFi assets, can also be created using Synthetix.
Lark Davis detailed his expectation with 6 items
After a brief look at Synthetix, let’s take a look at why Davis bought SNX. Analyst with 1 million Twitter followers explained why he is bullish on SNX today in 6 points. Davis’s
- Robust DeFi and cryptocurrency
- Cryptocurrency most traded and held by the biggest whales
- Venture Capitals (VC) jumped on board
- Big stake rewards
- Optimism finally gains real strength
- Integrates atomic swaps for synths in Curve Finance
There are other analysts who are bullish on the altcoin project
Another crypto analyst who was bullish on SNX was “The Crypto Dog”. On August 6, the analyst said:
Locked and loaded SNX and of course GMX. Both cryptocurrencies are showing strength relative to the market, with fundamentals to support interest. SNX is a bit cursed, I’m more cautious in this position. I’m sure GMX is more familiar with the team and very decentralized solid investors who have joined independently at different times. We hold most of the tokens, we think the GMX value is >>$100.
cryptocoin.comAs you follow, the crypto money market continues the momentum it gained in July today. Meanwhile, Bitcoin price held above $24,000. SNX, which is on Lark Davis’ list, accompanies this acceleration with +3.17%.
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