Altcoin
Convex Finance (CVX): Skyrockets 100% in 24 Hours
Convex Finance (CVX) cryptocurrency has seen an unprecedented surge, skyrocketing by more than 100% in the past 24 hours.
On June 16, the CVX/USDT trading pair on Binance recorded substantial trading volume of nearly $32 million, marking a new daily record. At the same time, CVX trading on Bybit’s perpetual contracts market increased, with volumes reaching an impressive $120 million in the same 24-hour period.
CVX Price, Source: CoinMarketCap
According to CoinMarketCap, the price of CVX has dropped and is currently valued at $3.63, which overall still represents a 45% increase. Furthermore, the current market capitalization stands at $355 million.
Following a declaration from cryptocurrency investor CrediBULL Crypto, detailing their experience with Convex Finance, CVX rose. They initially purchased CVX in 2021 at $5, recouping their investment within a year from high bi-weekly APR incentives, reaching around 30%. These incentives grew with the price, accelerating the return on capital.
Second dataTotal value locked (TVL) in Convex Finance’s decentralized finance (DeFi) protocol increased by 1% over the past day and currently stands at $1.31 billion.
Without placing liquidity on Curve Finance, Convex Finance allows liquidity providers on Curve Finance to stake tokens on the platform and receive a portion of trading fees in cvxCRV tokens.
Data from Santiment indicates that over the past day there has been a 151% increase in total open interest in CVX. This shows how traders are increasing price volatility by attempting to profit in the short term from sudden movements in the asset.
According to Santiment, on the previous day, the CVX relative strength index (RSI) increased from 34 to 70. The indicator shows that there may have been whale manipulation and that CVX is overbought.
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