Conflux (CFX) Price Up 100% In A Week, Reasons Behind The Rally
According to Coinmarketcap, Conflux (CFX) surged its price up 102.88% in a week and is currently showing a unique bullish sign.
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.
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 TradingView.