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The Conflux (CFX) price seems to have responded positively to the blockchain’s new partnership with XCMG Construction Machinery Co. Ltd., with the token posting a 17.90% jump in value in the last 24 hours.
XCMG, the third largest construction equipment manufacturer globally, on March 27, announced it was entering into a partnership with CFX, a permissionless layer 1 blockchain that powers decentralized apps (dApps) and web3 infrastructure.
XCMG (@XCMGGroup), 3rd largest construction machinery manufacturer worldwide, has teamed up with #Conflux and Zen Spark Technology.
— Conflux Network Official (@Conflux_Network) March 28, 2023
Together, we're pushing the limits of blockchain and #Web3 technologies to explore exciting international use cases.https://t.co/1fzgYJbzH6
The agreement made Conflux XCMG’s official NFT partner and its conduit for future web3 and blockchain-based use cases.
According to XCMG, it’s choice of CFX as a partner was due to the blockchain’s scalable ecosystem. Conflux is also the only public blockchain in China that has reportedly complied with all of the country’s stringent regulations, giving it a distinctive edge for projects developing and growing in Asia.
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CFX price records 17.9% spike
On the day XCMG announced the partnership, CFX traded as low as $0.3112, per data from CoinMarketCap. However, soon after the partnership became public, the token’s price rose slightly to end the day at $0.3157.
Things started to heat up on March 28, when the coin passed the $0.34 level, and it has not looked back since.
At the time of writing, CFX had beaten off competition from Frax Share (FXS) and Algorand (ALGO) to take the top spot on CoinMarketCap’s list of top gainers for the day.
According to data from the crypto price tracking website, CFX registered a 17.90% uptick in 24 hours. It currently trades at $0.3866 and has a 24-hour trading volume of $485,884,108, a nearly 100% increase from its March 28 level.
In the last 24 hours, the token has traded between a low of $0.3271 and a high of $0.3930. It has a live market cap of $1,026,852,375, and CoinMarketCap ranks it #51 on its list of the biggest cryptocurrencies by market value.
The token’s recent surge is remarkable, given that just three months ago, on Jan. 1, it registered its all-time low price of $0.02191, right when the industry was grappling with the aftershocks of the FTX collapse.
In February, CFX also jumped 44% after the company entered into a partnership with China Telecom to help it build blockchain-based SIM cards.
Read more: Top 5 cryptocurrencies that gained the most in February