Conflux gains 20% in 24 hours and tops gainers chart.

The cryptocurrency market is currently experiencing an upswing, with several assets seeing small gains in the past few hours. Conflux (CFX), one of the most popular assets of 2023, has increased by 20.17% in the last 24 hours, making it the second-largest daily gainer according to CoinMarketCap data.

Prior to its price increase yesterday, Conflux had been on a downward trend for most of the month of June, dropping from $0.280 on June 1 to as low as $0.170 on June 16. Since the beginning of the month, the “Chinese MATIC” has lost about 33.33% of its market value.

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CFX began trading at around $0.179 yesterday before experiencing a surge in price to reach a high of $0.221 in the early hours of today, June 21st. The token then underwent a slight correction, falling to a price of $0.213 and remaining in that price range ever since.

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As of this writing, CFX is trading at $0.217, with a 24-hour trading volume of $203 million, due to a 387.97% surge in trading volume over the past day. With a total market cap of $646 million, the cryptocurrency is the 60th largest token in terms of market capitalization.

CFX Trading At $0.217 | Source: CFXUSD Chart On Tradingview.com 

Conflux In 2023 So Far

Conflux started the year slowly, with little to no significant price movement in January. However, it began an impressive bullish run in mid-February, gaining over 500% in value to trade at $0.32 on February 22.

After that, the top cryptocurrency in China experienced a significant price drop, falling to a market price of $0.160 on March 12. Another upswing followed, with CFX reaching its 2023 peak so far at $0.457 on March 20th.

Subsequently, CFX recorded significant gains and losses. However, since mid-April, the CFX market has been quite bearish, losing over 95% of its value from April 12th to the present day.

The Conflux Network aims to leverage blockchain technology to become a catalyst for the borderless economy. Conflux was founded in 2018, and its popularity mainly revolves around its prominent status as China’s only public blockchain.

In addition to its interesting price history, Conflux has also made headlines in 2023 due to its strategic partnerships, particularly 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 that the token could be attempting a market resurgence and possibly reaching 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 Coincodex team also predicts that CFX will maintain its bullish momentum for now, reaching 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.