CFX, the native token of the Conflux blockchain, has seen a significant rise today, gaining 15% in value. The altcoin managed to climb from $0.2823 to $0.3253 in 24 hours. This increase in price caused the transaction volume to increase as well.
Community members who heard about CFX for the first time may have been surprised by this rise. However, the altcoin has rallied quite large this year. Since the beginning of 2023, the Conflux token price has increased by 1,300% to current levels.
There are some special reasons behind today’s CFX performance; Two important developments stand out in this regard. First and foremost, a joint project has been launched between Conflux and China Telecom. The blockchain-based SIM (BSIM) card project announced in February was finally implemented and successfully completed. Collaboration with a giant telecommunications company such as China Telecom will support the growth of the Conflux ecosystem and increase confidence in the project. Unveiled at an event in Shanghai, the BSIM card will now undergo pilot tests in Hong Kong before being rolled out to mainland and overseas markets.
The second reason is that CFX is listed on Bithumb, one of the largest exchanges in South Korea. Bithumb has already become the fifth largest market for Conflux, and CFX is the fourth largest asset by trading volume on the exchange, with a valuation of $4.11 million listed just hours ago.
These two important developments are the main reasons behind the rise in the price of CFX. The joint project between Conflux and China Telecom increases blockchain adoption, while listing on Bithumb could increase awareness of the token. All of these can be seen as the driving forces behind CFX’s rise today.
You can follow the current price action here.