China's MATIC, Conflux (CFX), up 21%, Here Are Possible Reasons

China's MATIC, Conflux (CFX), is among the most promising altcoins in the digital currency ecosystem considering its price outlook. The digital currency is changing hands at a spot price of $0.251, up by 21% over the past 24 hours as it duly capitalized on the growth momentum of the broader crypto ecosystem.

Timeline of Conflux-network

The crypto market is currently on a rebound, with several assets recording little gains in the last few hours. Conflux (CFX), one of the trendiest assets of 2023, has gained by 20.17% in the last 24 hours, emerging as the second biggest daily gainer, according to CoinMarketCap data.

Bitcoin price continued its recovery as sentiment in the crypto industry improved. The coin jumped to $29,000, much higher than last week's low of $24,700. Other cryptocurrencies have also surged, bringing the total market cap of all cryptocurrencies tracked by CoinMarketCap jump to over $1.13 trillion.

The Hong Kong SFC's announcement to allow trade in specific cryptocurrencies has triggered an uptick in crypto adoption among market participants. Amid this development traders also showed significant interest in Chinese-related crypto projects and are expected to witness a notable surge in the near future.

Tenet will collaborate with Conflux and Qtum, two blockchains with a strong presence in China, to strengthen the liquid staking industry's foothold in the country's marketplaces.

Mahe, Seychelles, May 24th, 2023, Chainwire Tenet, a layer-1 ecosystem for creating yield and utility for liquid staking derivatives (LSD), is expanding its presence on the Cmarket through two key partnerships with QTUM, a Proof of Stake network combining the benefits of Ethereum and Bitcoin, and Conflux, a layer-1 network operating on a hybrid Proof

Conflux (CFX), the token powering Conflux's high throughput, Tree-Graph powered layer-1 blockchain, experienced a rollercoaster ride in a whirlwind of price fluctuations. Last week, it tumbled to a low of $0.20 per token, leaving observers on edge.

Conflux (CFX), one of the most versatile Layer 1 blockchain protocols tagged as a major competitor to Polygon, is seeing an impressive growth leap today after soaring 10% to $0.3333. Known as a digital currency with versatile price action, the cryptocurrency is now at 3.53% growth over the past 24 hours.

Conflux (CFX), the fast-rising blockchain protocol dubbed China's MATIC, has unveiled plans to deploy Uniswap V3 as it seeks another avenue to bring massive CFX liquidity to the broader Decentralized Finance (DeFi) ecosystem. Conflux revealed on its official Twitter account page that the deployment has the potential to bring access to millions of new users, particularly in the Chinese and Asian markets.

Toronto, Canada, April 14th, 2023, Chainwire Conflux, the only regulatory-compliant blockchain in China, has proposed deploying Uniswap v3 on its network alongside CNH (offshore Chinese Yuan) stable currency, and joining the Curve Wars with its mainnet token CFX bridged to Ethereum mainnet, known as eCFX.

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the key $30,000 level on Wednesday following the release of inflation data. The headline CPI came in at 5% year-on-year in March, down from 6% in February, according to data the Labor Department reported on Tuesday.