CFX (Conflux) fell 3.11% in the last 24 hours.

Gate News Bot news, September 1st, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is currently priced at $0.19, falling by 3.11% within 24 hours, reaching a high of $0.21 and a low of $0.17. The current market capitalization is approximately $98 million.

Conflux is a high-throughput public blockchain that uses an innovative Tree-Graph consensus algorithm to reduce confirmation time and increase TPS by processing blocks and transactions in parallel. Conflux employs a well-tested PoW consensus, providing higher security and protection against re-entrancy attacks at the protocol level. Its built-in staking feature provides a foundation for innovative DeFi applications, with the current annualized yield for staked tokens at 4%. The tokenomics of Conflux is built around the $CFX token, which holders can use to pay transaction fees, earn rewards through staking, rent storage space, and participate in network governance.

Important news about CFX recently:

1️⃣ Impact of network upgrades and hard forks on short-term price performance Conflux Network plans to upgrade the network and perform a hard fork at block height 129,680,000 on September 1. This significant technical event may lead investors to adopt a wait-and-see approach in the short term, thus affecting the trading activity and price performance of CFX.

2️⃣ Price volatility intensifies, market sentiment becomes cautious The price of CFX has experienced significant fluctuations over the past week. On August 29, CFX saw a notable increase of 12.86%, pushing the price up to $0.19. However, this upward momentum could not be sustained, and a correction followed. Currently, the price of CFX has retreated by 3.11%, indicating short-term price instability and a cautious market sentiment.

3️⃣ Trading volume remains high, reflecting sustained market attention Despite the price correction, CFX's 24-hour trading volume remains at a high level. On August 29, the daily trading volume reached $136 million, which is an increase compared to the previous period. This indicates that the market's attention on CFX remains high, with investors actively participating in trading, providing certain support for the price.

From a technical perspective, the CFX price is currently finding support around $0.19, but it faces downward pressure. If it can maintain the current price level, it may lay the foundation for a subsequent rebound. However, to regain upward momentum, CFX still needs to break through the short-term high of $0.21. Investors should closely monitor the market reaction after the network upgrade, as well as the performance of key price levels.

This message is not intended as investment advice; investors should be aware of market volatility risks.