Friday, 19 April 2024

Crypto News

China’s only public blockchain Conflux sees CFX price skyrocket 1300% in 2023

China's only public blockchain Conflux sees CFX price skyrocket 1300% in 2023

Conflux Network (CFX) is up nearly 500% in the past week with CFX emerging as one of the best-performing crypto assets in 2023 as China appears to be warming to cryptocurrency trading

What is Conflux Network?

Interestingly, Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public and permissionless blockchain in China. Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake mechanism.

CFX’s price has rallied nearly 1,335% year-to-date (YTD) to reach $0.3254 as of Feb. 24, its highest level in fourteen months. In comparison, the combined market capitalization of crypto assets has surged approximately 45% YTD.

CFX/USD daily price chart. Source: TradingView

Why is Conflux Network price rallying?

Strong fundamentals have primarily driven the CFX price higher in 2023.

For instance, the CFX price increased by more than 90% on Jan. 26, two days after Conflux Network’s partnership with Little Red Book, a China-based social media platform, to provide nonfungible token (NFT) services.

The partnership enabled Conflux Network to bring its services to Little Red Book’s 200 million user base.

CFX/USD daily price chart. Source: TradingView

Similarly, on Feb. 15, Conflux Network partnered with China Telecom to develop and pilot a blockchain SIM (BSIM) card service in Hong Kong, thus gaining exposure to the latter’s 350 million users. CFX’s price has rallied 450% after the announcement.

The high-profile deals also helped boost queries for keywords related to Conflux Network, thus hinting at an increasing retail interest. For instance, the worldwide Google Trend score for the keyword “Conflux Network” reached 93 and 100 in the Jan. 22-28 and the Feb. 12-18 period, respectively.

Interest over time for the keyword ‘Conflux Network’ worldwide. Source: Google Trends

Social media was mostly focused on Conflux Network’s major partnership deals, according to data from Santiment show below.

Social media volume for Conflux Network. Source: Santiment

In addition, the CFX market bull run also comes ahead of the vote on its token burn proposal sometime this week.

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