As an experienced financial analyst, I find the recent surge in Convex Finance (CVX) intriguing. The sudden price increase of over 100% within a day, as evidenced by the substantial trading volumes on Binance and Bybit, is noteworthy.
As a cryptocurrency analyst, I’ve noticed an extraordinary rise in the value of Convex Finance (CVX). In just the past 24 hours, its price has soared more than 100%.
As an analyst, I’ve noticed some significant trading activity on June 16th in the CVX/USDT pair on Binance, with a record-breaking daily volume of approximately $32 million. Meanwhile, the CVX perpetual contracts market on Bybit experienced a surge in trading, reaching impressive volumes of around $120 million within the same 24-hour timeframe.
I’ve checked CoinMarketCap and found that my CVX investment is now priced at $3.63. Despite this decline, it’s important to note that this represents a 45% increase from the initial price. Furthermore, the market capitalization of CVX stands at a total value of $355 million.
After crypto investor CrediBULL Crypto shared their successful experience with Convex Finance, the price of CVX noticeably increased. In the year 2021, they had purchased CVX for $5 as an investment. Their initial investment was paid back in full thanks to the attractive high APR incentives offered bi-weekly by Convex Finance. These incentives not only covered their initial investment but also scaled with the price, significantly boosting their return on principal and reaching approximately 30% within a year.
As a crypto investor, I’ve noticed that the total value locked in Convex Finance’s decentralized finance protocol has experienced a growth of 1% within the past day. Currently, this figure stands at an impressive $1.31 billion.
At Convex Finance, you don’t need to add your liquidity directly to Curve Finance; instead, you can deposit your tokens into Convex Finance. In return, you will be given cvxCRV tokens as rewards based on the trading fees generated on Curve Finance.
The data from Santiment reveals a significant surge: over the past day, there was a striking 151% rise in total open interest for CVX. This underscores the active trading behavior of investors, aiming to capitalize on the short-term price fluctuations of the asset.
Based on Santiment’s analysis, the CVX relative strength index (RSI), which measures the magnitude of recent price changes, rose significantly from 34 to 70 within the past day. This surge suggests potential large-scale buying activity, or “whale manipulation,” and indicates that CVX may currently be overbought.
Read More
Sorry. No data so far.
2024-06-17 12:52