On January 18, CoinMarketCap reported that CFX, a cryptocurrency running on the Conflux chain, experienced a 16.7% decrease in value, currently trading at $0.1864.

Conflux (CFX) is a layer-1 blockchain designed for decentralized applications (dApps). Recently, they announced the launch of an EVM-Compatible Bitcoin L2 solution, leading to an 8% price increase. This solution is expected to capitalize on the growing interest in inscriptions, ordinals, BRC-20 tokens, and the SEC’s approval of U.S. spot BTC ETFs, attracting significant capital.

However, reports from January 18 showed that Bitcoin (BTC) had dropped to $41,349 from previous highs of $49,000. This negative market sentiment in the BTC market has spilled over to altcoins, resulting in minimal gains as reported on CoinGecko on January 19.

Despite the overall market decline of 2.8% in the last 7 days, CFX has only decreased by 2.6% on the weekly chart, outperforming other cryptocurrencies in the DWF Labs Portfolio, which have experienced a 4.8% decrease.

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