Conflux (CFX) Soars Three Times Higher on Bithumb Than Binance
Date: 2023-12-16 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Price Soars on Bithumb
Cryptocurrency expert Colin Wu highlighted significant price fluctuations in Conflux (CFX) on the South Korean exchange Bithumb. On December 16, 2023, the 24-hour spot trading volume on Bithumb hit $29 million, accounting for 34% of the total volume. What caught Wu's attention was the sudden price spike around 01:00 Moscow time when CFX reached 700 KRW ($0.54). This price was nearly three times higher than the actual value of the token, before eventually dropping back to normal levels.
Current Market Data
As of 14:35, Conflux is trading at $0.195, marking a 2.19% increase over the past day. It ranks 86th in the cryptocurrency market with a market capitalization of $693.63 million. Daily trading volumes have surged by 36.05%, reaching $91.97 million.
Conflux Network's Key Features
Conflux (CFX) serves as the primary asset on the Conflux Network blockchain platform. This platform is designed for high-performance and scalable decentralized applications (DApps) and smart contracts. One of its standout features is the Tree Graph consensus protocol, which combines the strengths of Proof of Work (PoW) and Proof of Stake (PoS) to provide a high-performance, secure, and efficient network.
Utility of CFX Tokens
CFX tokens play several crucial roles within the Conflux Network ecosystem. Holders can use these tokens for voting on network development and management issues. Additionally, they have the ability to freeze assets and participate in staking. CFX tokens are also required for transaction fees, as well as to support the development of Conflux applications and the ecosystem through project funding and various programs.
