Conflux (CFX) Price Up 100% In A Week, Reasons Behind The Rally
February 16 2023 - 08:00PM
According to Coinmarketcap, Conflux (CFX) surged its price up
102.88% in a week and is currently showing a unique bullish
sign. Related Reading: How Binance Moved $400 Million To CZ
Owned Trading Firm CFX is the native cryptocurrency of the Conflux
network that was created by renowned Chinese computer scientist Dr.
Andrew Chi-Chih Yao in 2018. According to its founder,
Conflux is a Layer 1 public blockchain that claims to solve
Ethereum’s trilemma — decentralization, security, and scalability.
The coin has witnessed substantial gains over the past seven days,
and its market cap makes it the 134th most prominent
cryptocurrency. The Increased Popularity Of Conflux The
coin’s performance can be traced back on January 26 when CFX value
soared by 60.25% after “Little Red Book,” the Chinese version of
Instagram, integrated the Conflux Network to allow its 200 million
users to showcase non-fungible tokens (NFTs) minted on this
blockchain on their profile page. As a result of the partnership,
the token, which hit a low of $0.022 on January 1, rose to $0.051
on January 26 as its trading volume surged by 373% to $57 million.
On Wednesday, February 15, Conflux’s native CFX tokens price
further soared by 20% after the Conflux network announced plans to
build blockchain-based SIM cards (BSIM cards). The product will be
built via a partnership with China’s Telecom, the second-largest
wireless carrier in China with about 390 million subscribers.
According to the press release, the BSIM card will manage and store
a user’s public and private keys in the card and allow them to
retrieve their keys while holding their information on encrypted
storage. The BSIM card will enable users to conveniently transfer
and store digital assets and display them in various applications.
Prominent internet industry players operating their businesses in
China have heightened efforts to embrace the Web3 transition.
Conflux has become the central bridge that connects Web3 technology
with traditional industry institutions. Since China banned most
cryptocurrency activities in 2021, Conflux has emerged as a
significant decentralized blockchain that is public and regulatory
compliant. The blockchain offers scalable, secure, and quick
solutions through its unique ledger system. Conflux has partnered
with government entities and global brands in the region on
blockchain and metaverse initiatives, including Oreos China,
McDonald’s China, and Shanghai. In September 2021, Shanghai
selected the Conflux network to support its new stablecoin pegged
to the yuan. In January 2021, the Conflux token spiked 60% after
its blockchain startup obtained a $5 million research grant from
the Shanghai government. The blockchain network’s success is why
its native cryptocurrency is seeing the same amount of popularity.
Conflux Price Action Conflux currently trades at $0.136685,
representing a price increase of 122.23% in the last 24 hours and a
108.80% price surge in the last seven days. With a market cap of
$291 million, CFX is ranked #134 among cryptocurrencies listed on
Coinmarketcap. The trading volume of CFX is $611 million in the
last 24 hours, representing a 1,901.70% increase from the previous
day and signals a recent rise in market activity. Related Reading:
New Upgrade Pushes Cardano Over $0.4, What’s Next? The coin
achieved an all-time high of $1.70 on March 27th, 2021. This shows
that the current price is 91.92%, down from its highest price.
Despite that, the coin continues to show bullish momentum. The
token is outperforming the global crypto market cap of $1.17
trillion today, up 9.60% in the last 24 hours. Chart from
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