Conflux (CFX) Token Tallies 167% Increase In Past Week – Here’s Why

0 0

Although Bitcoin has recovered well this week, other coins like Conflux are doing better. At the time of writing, CFX has ballooned to a commanding 167% in the last seven days, according to data from CoinMarketCap. This makes it the best-performing coin among the top 100 tokens based on market cap. 

Conflux development has been remarkable, considering the backdrop of the ongoing crisis ravaging the banking sector. On-chain data reveals that CFX achieved a yearly high of $0.43 on March 18 before a slight market dip in the last 24 hours. 

Conflux (CFX) Price Rise Buoyed By Recent Partnerships 

Conflux’s rapid rise has been linked to its major partnerships and connections with big-name enterprises in China. It is the first blockchain in China that complies with regulatory requirements and uses the Tree-Graph consensus to improve bandwidth and scalability. This has attracted interest from several Chinese enterprises, and it is viewed as the blockchain most likely to achieve regulatory approval in the region. 

Earlier in January, Conflux had confirmed that it had incorporated Little Red Book, the Chinese equivalent of video sharing app Instagram into its ecosystem. According to the news, the collaboration would enable Little Red Book’s 180 million+ users to display NFTs produced on Conflux on their page. 

Related Reading: USDC Feeling Intense Pressure Despite Fed Action To Halt SVB Contagion

Conflux also recently agreed with China Telecom to deliver Web3 enabled mobile devices with blockchain-powered SIM cards. This is expected to provide significant benefits and lead to adoption in the Chinese market. 

Furthermore, news that Hong Kong plans to legalize crypto trading officially has also contributed to the bullish sentiments. Several analysts believe this is China’s first move towards opening its cryptocurrency market. It should be noted that China banned cryptocurrency-related activities in 2021, and at the time, it had the highest number of miners on the Bitcoin network. A move towards legalizing crypto could be on the cards. Therefore there’s a surge from investors to hold Chinese-related tokens, and Conflux is the biggest beneficiary of this trend.

Global Banking Crisis Leads To Increased Crypto Adoption 

Beyond these developments, the global banking crisis is a significant factor in the collapse of Silicon Valley Bank and Signature Bank in recent weeks. These incidents has placed scrutiny on the banking system, and investors are looking toward crypto assets. On-chain data also supports this trend, as the number of new accounts on Conflux has reached an all-time high of 20,000. This means that investors are bullish and confident about the network. 

Related Reading: Use Multi-Signature And Social Recovery Wallets To Achieve Self-Custody, Ethereum Creator Says

Conflux (CFX) is trading at $0.39 at the time of writing, with the coin down 9% following its yearly high. The current market sentiment is bullish, and CFX could take the next step toward the $0.5 resistance levels in the new week. However, if the market correction persists, $0.3 is the next support level for the token. 

Conflux Price Experiencing Price Correction

knife

Featured Image from Conflux, Chart from TradingView

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 26,963.22
ethereum
Ethereum (ETH) $ 1,885.61
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 305.59
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.516716
staked-ether
Lido Staked Ether (STETH) $ 1,883.64
cardano
Cardano (ADA) $ 0.374381
dogecoin
Dogecoin (DOGE) $ 0.071945
solana
Solana (SOL) $ 21.06
matic-network
Polygon (MATIC) $ 0.899531
tron
TRON (TRX) $ 0.076547
litecoin
Litecoin (LTC) $ 93.71
polkadot
Polkadot (DOT) $ 5.23
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000008
avalanche-2
Avalanche (AVAX) $ 14.40
dai
Dai (DAI) $ 0.999936
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,000.23
uniswap
Uniswap (UNI) $ 5.04
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.38
cosmos
Cosmos Hub (ATOM) $ 10.54
okb
OKB (OKB) $ 46.07
monero
Monero (XMR) $ 146.33
the-open-network
Toncoin (TON) $ 1.73
ethereum-classic
Ethereum Classic (ETC) $ 17.99
stellar
Stellar (XLM) $ 0.091829
bitcoin-cash
Bitcoin Cash (BCH) $ 113.78
filecoin
Filecoin (FIL) $ 4.92
internet-computer
Internet Computer (ICP) $ 4.77
true-usd
TrueUSD (TUSD) $ 0.999972
lido-dao
Lido DAO (LDO) $ 2.29
aptos
Aptos (APT) $ 9.01
quant-network
Quant (QNT) $ 118.68
hedera-hashgraph
Hedera (HBAR) $ 0.050525
arbitrum
Arbitrum (ARB) $ 1.23
crypto-com-chain
Cronos (CRO) $ 0.059317
near
NEAR Protocol (NEAR) $ 1.60
vechain
VeChain (VET) $ 0.019839
the-graph
The Graph (GRT) $ 0.131276
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.150576
the-sandbox
The Sandbox (SAND) $ 0.559157
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.997975
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.900178
elrond-erd-2
MultiversX (EGLD) $ 37.62
rocket-pool
Rocket Pool (RPL) $ 49.22
render-token
Render (RNDR) $ 2.58
aave
Aave (AAVE) $ 63.84
optimism
Optimism (OP) $ 1.42
fantom
Fantom (FTM) $ 0.319171
decentraland
Decentraland (MANA) $ 0.481806
theta-token
Theta Network (THETA) $ 0.85279
blockstack
Stacks (STX) $ 0.611705
tezos
Tezos (XTZ) $ 0.902968
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,023.51
axie-infinity
Axie Infinity (AXS) $ 7.01
immutable-x
ImmutableX (IMX) $ 0.76615
flow
Flow (FLOW) $ 0.728839
havven
Synthetix Network (SNX) $ 2.35
usdd
USDD (USDD) $ 1.00
neo
NEO (NEO) $ 10.33
bitdao
BitDAO (BIT) $ 0.499921
gala
GALA (GALA) $ 0.030022
kucoin-shares
KuCoin (KCS) $ 7.38
whitebit
WhiteBIT Token (WBT) $ 4.89
radix
Radix (XRD) $ 0.068506
curve-dao-token
Curve DAO (CRV) $ 0.845033
bitget-token
Bitget Token (BGB) $ 0.465491
injective-protocol
Injective (INJ) $ 7.91
bitcoin-sv
Bitcoin SV (BSV) $ 32.45
gatechain-token
Gate (GT) $ 4.34
conflux-token
Conflux (CFX) $ 0.285342
maker
Maker (MKR) $ 663.44
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
klay-token
Klaytn (KLAY) $ 0.185007
bittorrent
BitTorrent (BTT) $ 0.00000058435657
kava
Kava (KAVA) $ 1.00
iota
IOTA (MIOTA) $ 0.198021
chiliz
Chiliz (CHZ) $ 0.101628
pepe
Pepe (PEPE) $ 0.000001
casper-network
Casper Network (CSPR) $ 0.046954
pax-gold
PAX Gold (PAXG) $ 1,971.92
tokenize-xchange
Tokenize Xchange (TKX) $ 6.35
terra-luna
Terra Luna Classic (LUNC) $ 0.000085
xdce-crowd-sale
XDC Network (XDC) $ 0.035921
sui
Sui (SUI) $ 0.947498
compound-ether
cETH (CETH) $ 37.79
mina-protocol
Mina Protocol (MINA) $ 0.537783
gmx
GMX (GMX) $ 55.42
tether-gold
Tether Gold (XAUT) $ 1,966.19
huobi-token
Huobi (HT) $ 2.97
dash
Dash (DASH) $ 42.22
frax-share
Frax Share (FXS) $ 6.59
ecash
eCash (XEC) $ 0.000025
trust-wallet-token
Trust Wallet (TWT) $ 1.07
frax-ether
Frax Ether (FRXETH) $ 1,884.08