In this article we will take a look at the latest crypto news for Conflux (CFX), Litecoin (LTC) and Cardano (ADA).
We will also do a brief market analysis to try to understand where the 3 cryptocurrencies are headed.
The latest crypto news and a price analysis for Conflux (CFX), Litecoin (LTC) and Cardano (ADA)
Before looking at what the prices of CFX, LTC and ADA crypto assets are, let’s see if there are any noteworthy news.
A few hours ago, the official Twitter profile of Conflux announced that Binance will soon integrate the Conflux Mainnet on its available networks.
📣 Big news, Conflux Community! We’re thrilled to share that @binance will support the Conflux Network #CFX mainnet integration 🎉https://t.co/KXltsQYH7J
— Conflux Network Official (@Conflux_Network) April 11, 2023
For those who do not know, Conflux is a layer 1 and web3 infrastructure that aims to be more secure, decentralized and scalable than any other blockchain.
As for Cardano, it appears that on-chain activity on the protocol over the past month is growing: to date, activity on Cardano marks more than 8 million native tokens created on the infrastructure and more than 4 million wallets.
Although not at the levels of Ethereum, it still looks like noteworthy ecosystem growth
#Cardano Monthly On-chain Growth 🚀
🎉 Over 8 MILLION native tokens
🎉 Over 4 MILLION wallets #CardanoCommunity #blockchain pic.twitter.com/WNWfIm5CoR
— Cardano Foundation (@Cardano_CF) April 5, 2023
On the price front, the biggest increase has been in CFX, which has risen 14% in the past 24 hours. The current value marks $0.427 per token, market capitalization at $1.18 billion, and daily volumes in excess of $500 million.
The latter are up 340% in the last 24 hours, which is a very significant figure indicating a strong interest of traders to trade this cryptocurrency.
As for Litecoin (LTC), also known by the name “digital silver” for being born shortly after the advent and expansion of Bitcoin (digital gold), its price currently marks $95.41 per token with a growth of 5.35% today.
Capitalization just under $7 billion and volumes in the last 24 hours of $768 million, also up 142% from yesterday.
It is worth mentioning that yesterday was a public holiday in many parts of the world, hence trading activity was very low.
Finally, Cardano (ADA) rises 5.14% today taking it to $0.407 per ADA, market capitalization of $14.18 billion and volume hovering around $400 million (+110% from yesterday).
CFX marks +1800% since the beginning of January: what’s going on?
The CFX crypto is causing dreams among many investors who are benefiting from a crazy increase in the price for the Conflux ecosystem token.
Specifically, since the beginning of January, the price has grown by 1837% from $0.0240 to $0.427 (current price).
The reason for such a price explosion stems from the fact that the Chinese infrastructure is capturing and attracting users and capital.
To confirm this, it is necessary to point out that in January and February there were two major pieces of news that triggered the CFX price breakout:
- In January an agreement was announced with Little Red Book (Chinese Instagram) whereby users of the platform could create a profile image by minting an NFT on the Conflux blockchain
- In February, however, a deal was made with China Telecom to develop SIMs linked to the project’s blockchain.
The project, founded in 2018 by programmer Fan Long, bases the success of the infrastructure on a really interesting consensus mechanism that combines proof-of-work (PoW) with proof-of-stake (PoS) to achieve distributed consensus among network nodes.
Blockchain is becoming very popular in China and may be the next favorite to announce as the “Ethereum Killer.”
However, be careful in uttering this term as the last time this happened was in the case of Solana, which in a short time had to scale back its ambitions due to the loss of the project’s largest backer, namely the now deceased exchange FTX.
Shenanigans aside, Conflux seems to have all the cards on the table at least to compete with Ethereum and other emerging blockchains.
It is worth recalling that the smart contracts on it are written with Solidity and that the standard of assets built on Conflux are compatible with the Ethereum virtual machine (EVM).
Litecoin and Cardano crypto assets are growing, but not as much as CFX: will they be able to keep up with Bitcoin?
The crypto assets of Litecoin and Cardano, namely LTC and ADA, cannot keep up with the pace of CFX, which is also outperforming Bitcoin.
LTC and ADA are somewhat “old” projects that have not brought major innovations within the crypto sector and have not established themselves in the social and commercial infrastructure of any particular country, as CFX and its Conflux blockchain has done.
LTC and ADA prices are rising slightly but are not keeping pace with BTC, hence at this time it may be best to abandon the idea of positioning oneself in the altcoin sector.
Typically when the “big caps,” i.e., the most capitalized crypto assets, move worse than BTC it is a synonym for growth in dominance or a phase of market distribution.
CFX, on the other hand, is experiencing killer price movements, but these must prove sustainable over time to avoid a speculative bubble bursting.
Generally such strong and sudden price growths end up generating the same result but on the opposite side, with giant and sudden dumps.
At the moment, the trend seems to have an adequate and organic structure for the purposes of technical analysis. After each price breakout there has been a phase of profit-taking by traders.
As of now, CFX is lateralizing near local highs, fueling the odds of a continuation of the bullish trend.
Exercise caution though: in the event of a dump there could be trouble for those just now positioning themselves on CFX.
In any trade, it is always necessary to check that the risk/return ratio is favorable for the purpose of proper portfolio management.
As usual, this is not financial advice and please do your own research before investing money on anything you are not familiar with.