Following a Jan. 18 announcement of a brand new L2 community that will run on prime of the Conflux chain, CoinMarketCap reported that CFX noticed 16.7% losses, at present at $0.1864.
On Jan. 18, Conflux (CFX), a public layer-1 blockchain that was made to energy decentralized purposes (dApps), introduced the launch of the EVM-Appropriate Bitcoin L2 resolution, which triggered an 8% surge. On the time, the BTC L2 was mentioned to construct off the hype surrounding inscriptions, ordinals, BRC-20 tokens, and the SEC’s approval of U.S. spot BTC ETFs, which was mentioned to draw appreciable capital.
![Conflux reports 16% losses following Bitcoin L2 announcement - 1](https://crypto.news/app/uploads/2024/01/Screen-Shot-2024-01-19-at-8.33.15-AM-1024x186.png)
Nevertheless, Jan. 18 experiences highlighted that BTC had skilled one other drop to $41,349 from earlier highs of $49,000. Damaging market sentiment within the BTC market has since influenced spillover onto the altcoin charts, which has seen minimal beneficial properties, in accordance with Jan. 19 experiences on CoinGecko.
On the weekly chart, the worth of CFX is just down 2.6%, barely outperforming the market, which had skilled losses of two.8% within the final 7 days.
In comparison with different DWF Labs Portfolio cryptocurrencies, CFX continues to outperform its friends, who’re experiencing a 4.8% lower.