$CFX

Conflux wins the weekly cryptocurrency race

This cryptocurrency has been on the rise since the announcement of the launch of a stablecoin linked to the Chinese yuan on the Conflux network.

Conflux is the digital asset with the highest increase of the week, within the top 100 by market capitalization.

The upcoming release of a network upgrade encourages investors.

Amid a red tide, with most digital assets falling, the standout of the week was the Conflux Network token, a Chinese-origin layer 1 (L1) network designed to offer high scalability and compatibility with Ethereum.

This digital asset has had the highest increase in the last week, among the 100 with the largest market capitalization.

In the last 7 days, the price of Conflux (CFX) went from $0.18 to $0.20, representing an increase of 11.1% (with a peak in the middle of the week that took it above $0.26).

Nonetheless, CFX is still 87% below its all-time high of $1.70 reached in 2021.

The bullish momentum of CFX continues after the announcement from the Conflux development organization about a collaboration with AnchorX and Eastcompeace Technology to launch a stablecoin linked to the Chinese yuan. This project, led by China, aims to promote trade and strengthen infrastructure in countries such as Pakistan, Sri Lanka, Kenya, and Malaysia.

On the other hand, it was confirmed that Conflux 3.0 will be launched in August, an update that promises to increase the network's capacity to 15,000 transactions per second.

The asset also gained visibility after appearing on national television in China, due to its regulatory compliance and Web3 developments.

Looking ahead, it will be key for the token to maintain above the resistance of $0.20. If it succeeds, it will have enough momentum to surpass the barrier of $0.25, a level not seen since January 2024.