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Convex Finance Price Prediction 2024: Has CVX Peaked?

Last Updated March 11, 2024 11:12 AM
Peter Henn
Last Updated March 11, 2024 11:12 AM

Key Takeaways

  • CVX has climbed recently after a lackluster 2023.
  • Can CVX maintain its momentum?
  • One Convex Finance price prediction says CVX can reach $12.47 next year. 

Convex Finance’s CVX token has enjoyed something of an upturn recently. The price rise came after a year where CVX badly underperformed against the market. 

On March 11, 2024, CVX was worth about $4.82. Has it peaked?

Convex Finance did not immediately respond to a request for comment.

But what is Convex Finance (CVX)? How does Convex Finance work? Let’s see what we can find out, and also take a look at some of the Convex Finance Price Predictions that were being made as of March 11, 2024.

Convex Finance Price Prediction

Let’s examine some of the Convex Finance price predictions being made on February 20, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $10.57 $12.47 $36.06
Prediction #2 $5.31 $9.35 $23.38
Prediction #3 $7.65 $10.77 $74.35

First, CoinCodex  had a short-term Convex Finance price prediction that saw it go to $6.25 by March 16 before further climbing to $15.68 by April 10. The site’s technical analysis was neutral, with 18 indicators making bullish signals and just 10 making bearish ones.  

Convex Finance Price Prediction for 2024

DigitalCoinPrice  said that Convex Finance could reach $10.57 in 2024, while CaptainAltCoin  had it get to $5.31 in December. PricePrediction.net  said CVX would be worth $7.65 this year.

Convex Finance Price Prediction for 2025

Moving on, DigitalCoinPrice’s Convex Finance price forecast said it would trade at $12.47 next year. CaptainAltCoin said CVX would reach $9.35 then while PricePrediction.net had it at $10.77 in 2025.

Convex Finance Price Prediction for 2030

Looking at a more long-term Convex Finance price prediction, DigitalCoinPrice said the token would be worth $36.06 in 2030. CaptainAltCoin said it would stand at $23.38 then. PricePrediction.net’s CVX price prediction said it would trade at $74.35 at the start of the next decade.  

Google Gemini AI Price Prediction for Convex Finance (as of March 11)

Google’s Gemini AI platform gave the following price prediction for Convex Finance on March 11. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next 3 months):

  • Expected price: $6.40
  • Reasons:
    • Market volatility: The cryptocurrency market is inherently volatile, and unexpected events can significantly impact prices.
    • Overall market trends: The price of CVX is likely to be influenced by the overall health of the cryptocurrency market.
    • Convex Finance developments: News and developments specific to Convex Finance, such as new partnerships or protocol upgrades, could affect the price.

Medium Term (Next 6 months):

  • Expected price: $16.11
  • Reasons:
    • The overall health of the cryptocurrency market can significantly impact CVX’s price.
    • Developments and news specific to Convex Finance, like protocol upgrades or partnerships, can influence its price.
    • Regulatory changes or unexpected events can also play a role.

Long Term (Next 5 years):

  • Expected price: $23.21
  • Reasons:
    • Market Volatility: The cryptocurrency market is inherently volatile, and unforeseen events can significantly impact prices. Predictions don’t factor in potential crashes or sudden booms.
    • External Factors: Regulations, technological advancements, and overall crypto adoption can significantly influence CVX’s price.

CVX Price History

Now, let’s examine the Convex Finance price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a Convex Finance price prediction.

CVX came out in April 2021, when it traded at $6.19. It soon shot up and was able to avoid the worst of the Great Crypto Day Crash of May 19, at least initially, reaching $18.77 on June 2. It then collapsed, sinking to an all-time low of $1.88 on July 20 2021. 

The token was able to make a recovery, though, climbing past $10 in early August. CVX continued to rise throughout the year and closed 2021 at $48.94.

2022 started well, with CVX reaching an all-time high of $62.69 on New Year’s Day. Although it dipped to below $20 in late February, it recovered to trade above $30 in early April.

When the Terra (LUNA) blockchain collapsed in May 2022, CVX fell, going below $10. Any hopes of a recovery were wiped out when the FTX (FTT) exchange declared bankruptcy in November. CVX closed the year at $3.20, an annual loss of nearly 95%. 

Convex Finance in 2023 and 2024

CVX price history
CVX price in 2023 and 2024 | Credit: CoinMarketCap

CVX started 2023 well enough, climbing past $6 at various points in February and April. Things were already going downhill when the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in June. In the aftermath, CVX fell to $3.13 on June 15. It was able to recover to $4.29 on July 14. This peak came as a court ruled that Ripple’s XRP was not a security when it was being sold on exchanges. 

This high could not last. In August, the market fell after Elon Musk’s SpaceX sold millions of dollars worth of Bitcoin (BTC). By September 11, it was worth $2.29. CVX recovered after that, closing the year at $3.30. An annual rise of just over 3% may well seam pretty meagre when we consider that the crypto market more than doubled in 2023. 

February 2024 saw a rally, despite the hack and, on March 6, 2024, it reached a peak of $5.4832, even if it’s still far from $50.02 record hit in January 2022. On March 11, it was worth $4.82.

At that time, there were 94.2 million CVX in circulation, out of a total supply of 100.0 million. This gave the token a market cap of around $10.9 million, making it the 471st largest crypto by that metric.

Recent Updates from Convex Finance

Convex Finance announced  a partnership with protocol-fx, as it is integrating its liquidity gauges for boosted staking.

Convex Finance Price Analysis

Convex Finance Price Analysis
CVX needs to stay above $3.40.

The price of CVX reached a low point slightly above $2 in September last year. This is the same level from which CVX started its previous bull cycle in July 2021. After that, it reached an all-time high above $60 in January 2022. 

CVX experienced a downturn in March but managed to stay above $4.60. 

We could see another uptrend starting soon if the price doesn’t go below $4.30. If so, next target would be at $7 which is where the February 2023 high was. But if this is the first uptrend in a larger bull phase, after its first bull market correction, CVX could be headed much higher in 2024.

Is Convex Finance a Good Investment?

It is difficult to tell. While the token has been on an upward trend lately, there is no way of telling when and where it will end. 

While a lack of identified founders is not uncommon in crypto – and has not done Bitcoin any harm – there is one other problem. Convex Finance does not have a whitepaper, or technical document, explaining what it is or how it works. Investors may prefer to put their money somewhere with more transparency. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in CVX.

Will Convex Finance go up or down?

No one can really tell right now. While the Convex Finance crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Convex Finance?

Before you decide whether or not to invest in Convex Finance, you will have to do your own research, not only on CVX, but on other coins and tokens such as The Graph (GRT) and PENDLE. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of Convex Finance?

Like Bitcoin (BTC), whose pseudonymous founder Satoshi Nakamoto remains unknown, Convex was created by an unknown person or group of people going by the name C2tp. It is assumed the founder(s) came from a software development background, though this is yet to be officially verified.

Who Owns the Most Convex Finance (CVX) Coins?

On March 11, 2024, one wallet held 60.76% of the supply of CVX.

Richest CVX Wallet Addresses

As of March 11, 2024, the five wallets with the most CVX were

  • 0x72a19342e8f1838460ebfccef09f6585e32db86e. This wallet held 60,429,500 CVX, or 60.76% of the supply.
  • 0x1389388d01708118b497f59521f6943be2541bb7. This wallet held 11,475,954 CVX, or 11.54% of the supply.
  • 0xcf50b810e57ac33b91dcf525c6ddd9881b139332. This wallet held 6,929,507 CVX, or 6.97% of the supply.
  • 0x5f465e9fcffc217c5849906216581a657cd60605. This wallet held 4,942,618 CVX, or 4.97% of the supply.
  • 0xb576491f1e6e5e62f1d8f26062ee822b40b0e0d4. This wallet also held 1,795,494 CVX, or 1.81% of the supply.

Fact Box

Supply and Distribution Figures
Maximum supply 99,457,357
Circulating supply (as of March 11, 2024) 94,168,001 (94% of total supply)
Holder distribution Top 10 holders owned 90% of total supply, as of March 11, 2024.

From the Whitepaper

In its technical documentation, or whitepaper , Bonk says it aims to become the number 1 community coin in web3.

“We aim on achieving this through expanding our growing list of integrations across,” the team added.

Convex Finance (CVX) Explained

Convex Finance  is a yield optimiser for the Curve DAO (CRV) decentralized exchange (DEX) protocol. Put simply, it aims to earn people as much interest from crypto as possible.

A group of anonymous crypto enthusiasts created Convex Finance in 2021.

The CVX token supports the platform.

How Convex Finance Works

Users deposit CRV onto Convex Finance, which is then permanently locked as veCRV. In exchange, users receive a tokenized version called cvxCRV, which they can then stake on the platform and convert into Curve DAO admin fees. Users can also receive CRV and CVX rewards from Convex’s performance fee.

Although Convex Finance doesn’t impose withdrawal fees, there is a 16% performance fee applied to all CRV earnings generated by Curve liquidity providers on the platform. Out of this 16%, 10% is distributed as CRV to cvxCRV stakers, 5% goes to CVX stakers in the form of cvxCRV, and 1% is allocated to a harvest caller in CRV.

People can also buy, sell, and trade CVX on exchanges. 

Because CRV is based on the Ethereum (ETH) blockchain, it is a token, rather than a coin. You might see references to such things as a Convex Finance coin price prediction, but these are wrong. 

Convex Finance Attention Tracker

A chart for the Convex Finance Google search volume for the past 90 days cannot be displayed as Google says data are not sufficient to provide a chart.

FAQs 

How many Convex Finance are there?

On March 11, 2024, there were 94.2 million CVX in circulation, out of a total supply of 100.0 million.

Will Convex Finance reach $10?

It could do. DigitalCoinPrice says it will get there in 2024 and PricePrediction.net says it will do so in 2026. CaptainAltCoin has CVX reaching double figures by 2030.

Convex Finance has traded above $10 before, but not since May 2022. 

What is Convex Finance used for?

The CVX token helps power the Convex Finance yield-generating protocol. People can also buy, sell, and trade it on exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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