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The price of CFX, the native token of China's Conflux blockchain, jumped 10% in crypto-market trading today. The token was one of the discoveries of this year's mini bull rally. Due to the large number of large partnerships in its home country, CFX has even been dubbed the "Chinese MATIC." Since the beginning of 2023, the price of the Conflux token has risen 1.300% to current levels and over 2.000% at its peak in mid-March.
Today's CFX outperformance is not unreasonable and can be attributed to two specific triggers. The first and main one is the announcement of the launch of a joint project between Conflux and China Telecom. The blockchain-based SIM (BSIM) card project announced in February was finally launched, and successfully. Unveiled at an event in Shanghai, the BSIM card will now undergo pilot testing in Hong Kong before being introduced to mainland and overseas markets.
The second reason is less fundamental in terms of news but affects the Conflux token itself directly. It is about CFX listing on one of the largest exchanges in South Korea, Bithumb. Bithumb has already become the fifth largest market for the Conflux token, and CFX itself has become the fourth largest asset by trading volume on the exchange with a value of $4.11 million, having only been listed a few hours ago.
In addition to being a new listing for CFX in a previously uncharted market, it is also an opportunity for Korean investors to trade one of this season's most interesting tokens.
Arman Shirinyan
Alex Dovbnya
