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XCMG and Conflux Forge Partnership, Adding to List of Winners

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Conflux (CFX) Price seems to have responded positively to the new blockchain partnership with XCMG Construction Machinery Co. Ltd. , as the token recorded a 17.90% jump in value in the last 24 hours.

XCMG, the world’s third largest construction equipment manufacturer, announced on March 27 that it has entered into a partnership with CFX, a permissionless layer one blockchain that powers decentralized applications (dApps) and Web3 infrastructure.

The agreement makes Conflux XCMG’s official NFT partner and channel for future web3 and blockchain-based use cases.

According to XCMG, its choice of CFX as a partner was due to the scalable ecosystem of the blockchain. Conflux is also the only public blockchain in China that has reportedly complied with all of the country’s strict regulations, giving it a distinct advantage for projects developing and growing in Asia.

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CFX Price Up 17.9%

On the day XCMG announced the partnership, CFX was trading as low as $0.3112, per data from CoinMarketCap. However, shortly after the announcement of the partnership, the price of the token increased slightly to end the day at $0.3157.

Things started heating up on March 28, when the coin breached the $0.34 level, and it hasn’t looked back since.

At the time of writing, CFX had beaten 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 a cryptocurrency price-tracking website, CFX is up 17.90% in the last 24 hours. It is currently trading at $0.3866 and has a 24-hour volume of $485.884108, up almost 100% from its level on March 28.

In the past 24 hours, the coin traded between a low of $0.3271 and a high of $0.3930. It has a direct market capitalization of $1,026,852,375 and CoinMarketCap ranked it 51st in its list of the largest cryptocurrencies by market cap.

(embed) https://www.youtube.com/watch?v=pKcxcvy1Pdo (/embed)

The recent rally in the token is remarkable, considering that just three months ago, on January 1st, it hit an all-time low of $0.02191, when the industry was grappling with the aftershocks of the FTX crash.

In February, CFX also jumped 44% after the company partnered with China Telecom to help it build blockchain-based SIM cards.

Read more: Top 5 Cryptocurrencies That Gained the Most in February

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