The crypto market is currently on a rebound, with several assets recording little gains in the last few hours. Conflux (CFX), one of the trendiest assets of 2023, has gained by 20.17% in the last 24 hours, emerging as the second biggest daily gainer, according to CoinMarketCap data.
Prior to its price boost yesterday, Conflux had been on a bearish trend for most of the month, from $0.280 on June 1 to trade as low as $0.170 on June 16. Since the start of the month, the “Chinese MATIC” has lost about 33.33% of its market value.
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CFX began trading around $0.179 yesterday before experiencing a price surge to hit a peak price of $0.221 in the early hours of today, June 21. Thereafter, the token witnessed a slight re-correction falling to a price of $0.213, and has remained around that price region since then.
As of this writing, CFX changes hands at $0.217, with a 24-hour trading volume of $203 million – a result of a 387.97% trading volume surge in the past day. The cryptocurrency boasts a total market cap of $646 million, making it the 60th biggest token by market capitalization.
Conflux In 2023 So Far
Conflux began the year slowly, showing little to no significant price movement in January before commencing an impressive bullish run in mid-February, gaining over 500% in value to trade at $0.32 on February 22.
Thereafter, the Chinese no. 1 cryptocurrency experienced a significant price dip, sliding to a market price of $0.160 on March 12. This was followed by another upswing, which saw CFX hit its 2023 peak – so far – at $0.457 on March 20.
Subsequent to these price movements, CFX recorded additional weighty gains and losses. However, since mid-April, the CFX market has been rather bearish, losing over 95% of its value between April 12 and till date.
The Conflux Network aims to leverage blockchain technology, becoming a catalyst for the borderless economy. Founded in 2018, Conflux’s popularity mainly revolves around its prominent status as China’s only public blockchain.
Asides from its interesting price history, Conflux has also captured news headlines in 2023 due to its strategic partnerships, most notably its collaboration with China’s second-largest telecommunications company – China Telecom – to produce Blockchain-enabled SIM cards.
Could A Market Recovery Be On For Conflux?
Following CFX’s current surge, it appears the token could be attempting a market resurgence and perhaps attain the high price levels seen at the beginning of the year.
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According to the prediction site Coincodex, the current sentiment surrounding the CFX token is neutral, while its Fear & Greed Index is set to 59. The team at Coincodex also predicts CFX to maintain its bullish momentum for now, hitting a market price of $0.229 and $0.237 in 5 and 30 days, respectively.
That said, investors are reminded not to rely on predictions as financial advice but to conduct appropriate research before choosing to engage the market.