The Conflux (CFX) price appears to have responded positively to the new blockchain partnership with XCMG Construction Machinery Co. Ltd., with the token recording a 17.90% rise in value over the past 24 hours.
XCMG, the world’s third largest construction equipment manufacturer, on March 27, Announced was entering into a partnership with CFX, a permissionless Layer 1 blockchain that powers decentralized applications (dApps) and web3 infrastructure.
The agreement made Conflux XCMG the official NFT partner of Conflux XCMG and its conduit for future web3 and blockchain-based use cases.
According XCMG, their choice of CFX as a partner was due to the scalable ecosystem of the blockchain. Conflux is also the only public blockchain in China that has reportedly complied with all of the country’s strict regulations, giving it a distinct advantage for projects developing and growing in Asia.
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CFX price registers an increase of 17.9%
On the day XCMG announced the partnership, CFX was trading as low as $0.3112, according to CoinMarketCap data. However, shortly after the association went public, the price of the token rose slightly to close the day at $0.3157.
Things started to heat up on March 28, when the coin broke above the $0.34 level and has not looked back since.
As of this writing, CFX had beaten out competition from Frax Share (FXS) and Algorand (ALGO) to take the top spot on CoinMarketCap’s list of main winners for the day
According to data from the cryptocurrency price monitoring website, CFX registered a 24-hour increase of 17.90%. It is currently trading at $0.3866 and has a 24-hour trading volume of $485,884,108, an increase of almost 100% from its March 28 level.
In the last 24 hours, the token has traded between a low of $0.3271 and a high of $0.3930. It has a live market cap of $1,026,852,375, and is ranked 51st by CoinMarketCap on its list of the largest cryptocurrencies by market value.
The token’s recent rise is notable given that just three months ago, on January 1, it posted its all-time low price of $0.02191, just as the industry was dealing with the aftershocks of the FTX crash.
In February, CFX also jumped 44% after the company partnered with China Telecom to help it build blockchain-based SIM cards.
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