Even though cryptocurrencies are becoming more popular worldwide, Asia and Africa are still having a hard time getting many people to use them. Yet, Conflux Network, a blockchain organization from China, has just revealed its new and innovative solution called EVM-compatible Bitcoin Layer 2 (BTC L2). This news caused the value of its token, Conflux (CFX), to increase by more than 8%. Before this announcement, the price of CFX was experiencing a decline. This article is all about the CFX price and whether will it continue to rise. Let’s take a look at this in more detail.
What is Conflux Network?
Conflux is a Defi ecosystem located in Asia that encourages collaboration across borders and multiple blockchains, both within the continent and beyond. Established in 2018 by the Conflux Foundation, it operates as a permissionless Layer 1 public blockchain connecting decentralized economies across various protocols. The current impact of the Conflux blockchain is changing how the world responds to global economic challenges, aiming for a more sustainable and borderless economy.
How has the CFX price moved in recent days?
As of now, the Conflux Network is valued at $0.226977, with a trading volume of $288.58 million in the last 24 hours. Its market cap stands at $828.39 million, and it holds a market dominance of 0.05%. Over the past day, the CFX price has increased by 8.53%.
On March 27, 2021, Conflux Network reached its highest price at $1.720000. Conversely, its lowest price was recorded on December 30, 2022, at $0.021852, which is considered its all-time low. The lowest price since its all-time high was $0.021852 (cycle low), and the highest CFX price since the last cycle low was $0.485454 (cycle high).
The current sentiment for Conflux Network’s price prediction is bullish, and the Fear & Greed Index indicates a value of 63 (Greed).
In terms of supply, Conflux Network has a circulating supply of 3.65 billion CFX out of a maximum supply of 5.28 billion CFX. The yearly supply inflation rate is currently at 74.56%, indicating that 1.56 billion CFX were created in the last year.
Why is the CFX price up?
As mentioned, Conflux Network has recently announced ambitious plans for an innovative solution known as EVM-compatible Bitcoin Layer 2 (BTC L2). This development marks a significant step forward in the Conflux ecosystem, aiming to enhance and expand the capabilities of decentralized finance (DeFi) by making Bitcoin compatible with the Ethereum Virtual Machine (EVM) on a Layer 2 solution.
The unveiling of this groundbreaking initiative has generated interest and positively impacted the value of Conflux’s native token, CFX, which experienced an 8.53% increase in the last 24 hours.
Conflux’s introduction of an EVM-compatible Bitcoin Layer 2 represents a significant advancement in the blockchain space. This initiative involves integrating Bitcoin as the native currency for gas fee calculations, streamlining transaction processes within the Conflux ecosystem.
The ability to seamlessly bridge diverse asset types from the Bitcoin blockchain enhances interoperability and opens up possibilities for a more interconnected decentralized financial landscape.
Furthermore, the promise of unparalleled security for third-party smart contracts underscores Conflux’s commitment to robust and reliable blockchain infrastructure.
The incorporation of Bitcoin staking within the PoS consensus protocol not only aligns with the trend of staking for network security but also adds an extra layer of credibility to Conflux, showcasing a strategic approach to fortifying the network through token participation.
Will the CFX price continue to grow?
The performance of Conflux’s native token, CFX, over the past year has been exceptional, showcasing a remarkable increase of 708%. This places CFX in the top tier, outperforming an impressive 96% of the top 100 cryptocurrencies during the same period.
Notably, CFX has even outperformed industry giants Bitcoin and Ethereum, a testament to its robust growth and potential. The token’s current position above the 200-day simple moving average is indicative of its sustained positive momentum.
Additionally, with 17 green days in the last 30 days, accounting for 57% of the period, CFX demonstrates consistent strength and positive market sentiment. The high liquidity, as reflected in its market cap, underscores the token’s attractiveness to traders and investors, further solidifying its position as a noteworthy asset in the cryptocurrency market.
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Source: https://cryptoticker.io/en/conflux-why-is-cfx-price-up/