Conflux (CFX), an Asian-focused altcoin network that some refer to as the “Chinese Ethereum”, has once again been on the agenda of investors. Hong Kong’s paving the way for individual investors in the region has drawn a massive influx of capital into CFX.
Conflux (CFX) makes headlines as Hong Kong welcomes retail investors
CFX price has seen a spike in prices due to increased interest from investors after Hong Kong allowed retail investors to trade crypto. The altcoin has garnered a serious influx of capital from Chinese investors.
CFX price initially rose after the announcement was made on Tuesday. This rally, however, later surrendered to the sellers. CFX rallied from $0.29 to as high as $0.33 over the weekend before early buyers are likely to take profits and push prices down to $0.30 on Wednesday morning.
Conflux says it is the only regulatory-compliant public blockchain in China. It also offers its users a fast and inexpensive Blockchain. In the region, Conflux has collaborated on Blockchain and metaverse initiatives with global brands and government agencies, including the city of Shanghai, McDonald’s China, and Oreos.
Conflux has previously said it will create blockchain-based SIM cards in partnership with China Telecom, China’s second-largest wireless carrier with an estimated 390 million subscribers. cryptocoin.com As we have reported, the news had a double-digit impact on the price.
Data shows Conflux falls short of expectations
Conflux has made a number of partnership announcements recently that triggered the price increase. But on-chain data shows that transaction numbers still haven’t exceeded the highs set last fall. This means that the protocol has not yet built up a sizable user base.
Conflux CTO Ming Wu said in March that the protocol aims to “take a leading role in helping Hong Kong and mainland China achieve their expansion in the Web3 space.”
Meanwhile, the first BSIM pilot program in Hong Kong is expected to begin later this year. This program will begin with plans for similar pilots in key locations in China, such as Shanghai.
Such a background led Twitter community members to start assigning the “Chinese Ethereum” tag to Conflux. It has also led to a rapid increase in valuation over the past few months.
Conflux, one of the best altcoin performances of the year
Since the start of the year, Conflux’s market capitalization has increased from $46 million to approximately $650 million. Thus making CFX one of the best performing tokens. Some Asian-focused investors are highlighting Conflux’s indirect links to the Chinese market. He suggests that this feature could position CFX as a proxy bet in the wider Asian market.
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