Conflux Price Prediction 2024: Can BlockBooster Deal Help CFX Maintain Rise?

Key Takeaways

• Conflux announced an integration with Binance last year.
• The blockchain’s CFX token has performed well overall in 2023.
• One Conflux price prediction says the coin can reach $0.60 by 2025.

The CFX token, native to the Conflux Network, surged following the establishment of a strategic partnership with Asian venture studio BlockBooster . This collaboration aims to capitalize on web3 incubation opportunities within the Conflux ecosystem, focusing on organizing significant events for Conflux builders.

Conflux Network , dubbed the “Chinese Ethereum,” was founded in 2018 as a regulatory-compliant public blockchain in China, offering a scalable and decentralized infrastructure for various applications. The partnership with BlockBooster aligns with Conflux’s overarching goal of creating a versatile and user-friendly blockchain platform.

Conflux’s integration with the Ethereum ecosystem via Ethereum Virtual Machine (EVM) compatibility is part of its strategy to engage with the extensive developer community and existing decentralized applications (DApps) on the Ethereum (ETH) platform.

Additionally, Conflux is developing an EVM-compatible layer-2 solution to facilitate seamless transfers of Bitcoin (BTC) and other assets between the Conflux blockchain and the Bitcoin system. This network, built on top of the primary Conflux chain, uses BTC for gas fees while supporting Ethereum-based smart contracts through the EVM standard.

Conflux did not immediately respond to a request for comment

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 January 30, 2024.

Conflux Coin Price Prediction 

Let’s take a look at some of the Conflux price predictions that were being made as of January 30, 2024.

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 $0.224709 by February 4 before recovering to $0.267359 by February 29. The site’s technical analysis was bullish, with 26 indicators sending positive signals compared to just four making bearish ones. 

Conflux Price Prediction for 2024

CaptainAltCoin  said that CFX would drop to close 2024 at $0.3691. DigitalCoinPrice  said that it would rise to $0.51, while PricePrediction.net  was more cautiously optimistic, saying CFX would reach $0.3755 this year.  

Conflux Forecast for 2025

DigitalCoinPrice said Conflux would reach $0.60 in 2025. PricePrediction.net said CFX would trade at $0.5785, while CaptainAltCoin said it would be worth about $0.4715 next year.

Conflux Forecast for 2030

Moving on to a more long-term Conflux price prediction, PricePrediction.net suggested the coin would reach $3.83 in 2030. CaptainAltCoin had it stand at $1.01 that year. DigitalCoinPrice was somewhere in the middle, making a CFX price prediction that saw it trade at $1.73 at the start of the next decade. 

Google BardAI Price Prediction for Conflux (as of January 30)

Google’s BardAI platform gave the following price prediction for Conflux on January 30, 2024. Please remember that price predictions are very often wrong and that artificial intelligence should not be trusted.

Short-Term Price Prediction (3 Months):

• Potential price range: $0.35 – $0.43

Reasons:

• Adoption of Conflux by businesses and developers: The more Conflux is used by businesses and developers, the more demand there will be for the CFX token, which could drive up the price.
• Positive news and developments: Positive news stories about Conflux, such as partnerships or new features, could also help to increase the price.
• Overall market sentiment: The overall cryptocurrency market sentiment can also have a significant impact on the price of Conflux. If the market is bullish, Conflux is more likely to see a price increase.

Medium-Term (6 Months):

• Potential price range: $0.270128 – $0.397973

Reasons:

• Adoption of Conflux Network by businesses and developers: The more Conflux is used, the more demand there will be for CFX, which will drive up the price.
• Overall market sentiment for cryptocurrencies: If the overall cryptocurrency market is bullish, Conflux is more likely to see positive price action.
• Release of new products and services on the Conflux Network: New developments can attract new users and investors, which can boost CFX’s price.
• Competition from other blockchain platforms: Conflux faces competition from other blockchain platforms, such as Ethereum and Solana. If Conflux can differentiate itself and offer unique advantages, it will be better positioned to attract users and investors.

Long-Term Price Prediction (5 Years):

• Potential price range: $0.239931 – $0.32153

Reasons:

• The adoption of Conflux by developers and businesses: If more developers and businesses start using Conflux, the demand for CFX will increase, which could drive the price up.
• The overall performance of the cryptocurrency market: The price of CFX is closely correlated with the overall performance of the cryptocurrency market. If the market is doing well, CFX is likely to do well too.
• Technological advancements: Conflux is a relatively new project, and it is constantly being improved. If Conflux is able to deliver on its promises and become a more popular and versatile platform, the price of CFX could increase significantly.

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.

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 and 2024

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. It then ended the year with a value of $0.185, before increasing in the new year, reaching $0.2323 on January 30, 2024.

At that time, there were 3.7 billion CFX in circulation out of a total supply of around five billion. This gave the coin a market cap of $848.4 million, making it the 73rd-largest crypto by that metric.  

Conflux Price Analysis

After reaching an all-time high in March 2021, Conflux started a bear cycle. This resulted in a low of $0.02 in December 2022, a decrease of 99%. 

Since January 2023, CFX has started its first uptrend after a multi-year correction and notably recovered 2,100%, peaking at almost $0.50 in March. However, it reversed, declining to $0.10 on October 21. 

This could well have been the start of its next bull phase with the first uptrend and its first bull market correction, which made its first higher low. If this is the case, then since October we hace seen start of the next uptrend. Since then, though, it has climbed slowly, unlike its previous uptrend. It has only made a recovery to around $0.24 in the last 104 days. 

If we want to see CFX break past $0.50, we need the momentum to pick up the pace.  That might happen soon, as we saw a 40% spike from January 25, but the price is still in a horizontal range. 

If it breaks past $0.25, that could be the start of a larger uptrend, leading to a high of $0.80. But if it continues moving sideways or decreasing again, we could see a prolonged consolidation before the next bull phase begins.

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.

Who are the Founders of Conflux?

Who Owns the Most Conflux?

Two wallets held around 28% of the Conflux supply as of January 30, 2024.

Richest CFX Wallet Addresses

On January 30, 2024, the five wallets with the most Conflux were

• 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 304,391,647 CFX, or 28.34% of the supply.
• 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet also held 160,397,433 CFX, or 14.93% of the supply.
• 0xc9c283d889680c14987e8fa818615c00d73cea06. This wallet held 42,500,000 CFX, or 3.96% of the supply.
• 0xa371055806ca53402cd783a73ecb6ba9dafa3879. This wallet held 38,087,110 CFX, or 3.55% of the supply.
• 0x112a3f35abc1577880b943b367167f7d77547efd. This wallet held 24,000,132 CFX, or 2.23% of the supply.

Fact Box

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.

Conflux Attention Tracker

FAQs 

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.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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