Chinese Token CFX Surges by Over 390% In the Last Seven Days

Conflux (CFX), the public and permissionless blockchain in China, topped all cryptos in performance, including Bitcoin (BTC), by a seven-day growth of 397.24%. CFX trades at $0.2449, at the time of writing, with over 47% increase in the last 24 hours.

Recently, an increasing number of crypto gurus on Twitter have been positively predicting about Chinese cryptocurrencies due to regulatory loosening in Hong Kong. On Saturday, crypto analyst Miles Deutscher, shared a list of coins on his watchlist that were trading in the red, at the time, with the comment, “Don’t fade the Chinese coins.”

In an exciting turn of events, some of those tokens now have a cumulative seven-day performance of over 300%, based on CoinMarketCap data.

According to CoinMarketCap, Conflux claims to provide a unique advantage for projects building and expanding into Asia, connecting decentralized economies to strengthen the global DeFi ecosystem.

Furthermore, the Alchemy Pay (ACH) Chinese token increased by over 70% in the last 24 hours over Bitcoin and Ethereum (ETH). Crypto traders bought and sold nearly half a billion dollars worth of ACH over the previous 24 hours, pushing its price to $0.04081, at the time of writing.

Interestingly, the global crypto market cap has recently experienced over $100 billion fresh in-flow, following the massive pump on Chinese coins. Moreover, a crypto enthusiast on Twitter opined that if China re-enters crypto, the price of Bitcoin could surpass $50k this year.

Additionally, early last month, data analytics firm CryptoQuant, stated in a bulletin that there were positive signs that the Chinese were returning to the crypto market.