Key Takeaways

• Conflux announced an integration with Binance earlier this year.
• The blockchain’s CFX token has performed well overall this year, but has dropped in recent weeks.
• Can CFX stage a fightback?
• One Conflux price prediction says the coin can reach $0.44 by 2025.
• Technical analysis says CFX could reach an all-time low soon.

With the Binance crypto exchange under scrutiny by the United States Securities and Exchange Commission (SEC), it might not be the best time to be strongly associated with Changpeng Zhao’s platform.

However, Conflux, which announced  an integration with Binance earlier this year, has managed to make something of a recovery from recent losses and, with the news  that it has received investment from blockchain investment firm DWF Labs will have come as a boost.

Not only that, but the announcement  that Conflux was sponsoring a conference will have also brought more attention to the platform.

But what is Conflux (CFX)? How does Conflux work? Let’s see what we can find out, and also take a look at some of the Conflux Price Predictions that were being made as of August 23 2023.

Conflux Coin Price Prediction 

Let’s take a look at some of the Conflux price predictions that were being made as of August 23 2023.

It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

First, CoinCodex  had a short-term Conflux price prediction that said the coin would fall to $0.1169 by August 28 before recovering to $0.1387 by 22 September. The site’s technical analysis was bearish, with 26 indicators sending discouraging signals compared to just five making bullish ones. 

Conflux Price Prediction for 2023

CaptainAltCoin  said that CFX would drop to close 2023 at $0.0977. DigitalCoinPrice  said that it would rise to $0.26, while PricePrediction.net  was more cautiously optimistic, saying CFX would reach $0.22 this year.  

Conflux Forecast for 2025

DigitalCoinPrice said Conflux would reach $0.43 in 2025. PricePrediction.net said CFX would trade at $0.44, while CaptainAltCoin said it would be worth about $0.2563 in two years time.

Conflux Forecast for 2030

Moving on to a more long-term Conflux price prediction, PricePrediction.net suggested the coin would reach $2.81 in 2030. CaptainAltCoin had it stand at $0.6408 that year. DigitalCoinPrice was somewhere in the middle, making a CFX price prediction that saw it trade at $1.28 at the start of the next decade. 

Conflux price analysis

After reaching $0.48 on March 19, the price of CFX fell sharply. At the time of writing (23 August 2023), it is worth around $0.12, its lowest point since the March high. This decrease of 75% brought the price back to the levels before the price pump and is getting close to $0.05 it was worth in January. 

The previous rise was made after the price consolidated in a horizontal range but this hasn’t lasted for much long and was previously going down structure. 

This could mean that the March rise was the same sort of thing as one in September 2021, when the price spiked to  $0.85. On the other hand, the rise between January and March could be interpreted as the first wave of the next bull cycle. With the Relative Strength Index indicator currently suggesting CFX is oversold, Conflux may well climb up soon. 

CFX Price History

Let’s now take a look at the Conflux price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Conflux price prediction. 

CFX was worth about $0.08 when it came onto the open market in late 2020. Early 2021 saw a crypto bull run, and Conflux shot up, reaching an all-time high of $1.70 on 27 March that year. Following that, it went down, falling below the dollar in early May and closing the year at $0.1994. 

In 2022, things ultimately got worse, with a series of crashes rocking the market. CFX could not withstand the pressure, dropping below $0.10 in the middle of May and closing the year at $0.02198, having lost almost 90% of its value throughout the course of the year. 

Conflux in 2023

2023 started badly, with Conflux dropping to an all-time low of $0.02191 on 1 January. Things got better after that, with the announcement  of a partnership with China Telecom helping it break past $0.30 in February.

Although there were peaks and troughs, the price continued to rise and, at various times in March and April, it was higher than $0.40. Even if the SEC’s lawsuits meant it took a hit as summer approached, it managed to trade at $0.278 on 23 June.

After that, though, things fell apart. On August 23, it was worth about $0.125.

At that time, there were 3.1 billion CFX in circulation out of a total supply of 5.2 billion. This gave the coin a market cap of about $396.8 million, making it the 83rd-largest crypto by that metric.  

Recent Updates from Conflux

Conflux has recently been in a bit of a downturn. Although its sponsorship of the Blockchain Futurist Conflux in Toronto will have been a positive, it has dropped. Not even the news that Japanese Web3 security firm KEKKAI was operating on the platform could stop it dropping more than 35% since August 15, when it was worth $0.1957.

Is Conflux a Good Investment?

It is hard to say. While the blockchain does have the advantage of being able to operate under China’s notoriously strict regime, it has not been immune to overall market movements.

Its link to Binance is a two-pronged sword. On one hand, people will be able to access Conflux’s services but, on the other hand, with the threat of legal action hovering over the exchange, CFX will want to avoid being dragged into a legal quagmire.

Furthermore, the crypto has been struggling recently and we don’t know what, if anything, can be done to get it moving upwards again.

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

Will Conflux go up or down?

No one can really tell right now. While the Conflux 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 Conflux?

Before you decide whether or not to invest in Conflux, you will have to do your own research, not only on CFX, but on other, similar, coins and tokens such as COTI. Either way, you should make sure that you never invest more money than you can afford to lose.

From the Whitepaper

In its technical documentation, or whitepaper , Conflux says blockchains are based on economics as much as they are based on technology. 

It says: “Conflux offers several innovations relative to well-understood blockchain networks such as Bitcoin and Ethereum, both in terms of technology design but also in terms of the economics that underpin the technology. Most notably, a ma- jor difference in Conflux when compared to the status-quo is that processing of blocks occurs in parallel rather than serially, and users who commit code or information to the blockchain face ongoing costs and/or benefits for the duration they occupy chain space.”

Conflux (CFX) Explained

The Conflux  blockchain is designed to be quick and save people money. 

Chinese crypto entrepreneurs Fan Long, YuanJie Zhang and Ming Wu founded Conflux in 2018. It is fully compliant with China’s notoriously strict crypto regulations.

The system was chosen by Shanghai city authorities to help create a central bank digital currency (CBDC), based on the Chinese Yuan. 

Conflux is supported by its native token, which goes by the ticker handle of CFX.  

How Conflux Works

The Conflux blockchain uses something called a tree-graph system, with blocks split into different branches linked to a parent block. This, at least in theory, allows it to be faster and less vulnerable to slowing down than traditionally-structured chains.

Conflux uses a hybrid of Proof-of-Work (PoW) and Proof-of-Stake to secure itself. This means that people can solve increasingly complex mathematical equations to add blocks to the blockchain, or they can be selected based on how much CFX they hold.

The PoS element to Conflux allows people to build decentralized applications (DApps) on the blockchain. 

CFX rewards people who add blocks to the blockchain. It pays the system’s fees, and holders can vote on changes to the network. People can also buy, sell, and trade the coin on exchanges. 

FAQs 

How many Conflux are there?

On August 23 2023, there were 3.1 billion CFX in circulation out of a total supply of 5.2 billion..

Will Conflux reach $5?

It might do, but it may not be for some time yet. PricePrediction.net has it reach that target in 2031. It is worth pointing out that the highest CFX has ever traded at is $1.70, which it reached in late March 2021. 

What is Conflux used for?

CFX rewards people who add blocks to the CFX blockchain. Holders can vote on changes to the platform, and CFX also pays the system’s fees. People can also buy, sell, and trade it on exchanges. 

Further reading

Terra Price Prediction 2023: Can LUNA Survive Recent Hack?

Quiztok Price Prediction 2023: Is the Blockchain Quiz Bot A Winner?

Livepeer Price Prediction: Can the LPT Streaming Token Maintain Momentum?

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.