Analysts explained their analysis of Chinese Coins and why they will rise rapidly in the near future.
Hong Kong’s green signal to crypto trading
According to the announcement, all centralized cryptocurrency trading platforms operating in Hong Kong are required to obtain a license from the regulatory agency. It turns out that the United States is not the only global financial superpower that can shake up the markets.
As previously reported, China’s central bank PBoC injected $92 billion into the market on Friday, outpacing the current US Fed’s quantitative easing efforts.
This move from Hong Kong to legalize crypto has given wings to many Chinese coins. From Filecoin and Polkadot to Conflux and VeChain, all these coins are witnessing a massive price increase within a week.
Rising Chinese Coins
Filecoin (FIL)
Filecoin is a public cryptocurrency and decentralized storage system aimed at ‘storing humanity’s most important information’. With the imminent launch of the Filecoin Virtual Machine (FVM), FIL has experienced one of the biggest price increases in the last seven years.
At the time of this writing, Filecoin’s price was trading around $8.47 with 24-hour trading volume of $1,177,434,248 (up 55.65%). Maintaining its strong position at 22nd place, FIL achieved a 66.42% increase in one week.
Conflux (CFX)
CFX, the native cryptocurrency of China’s only public blockchain Conflux, has seen a significant increase in value, gaining over 366.10% in the past seven days. A well-known Chinese computer scientist, Dr. Created by Andrew Chi-Chih Yao in 2018, Conflux is a layer 1, permissionless blockchain operating outside of China.
Conflux’s price at the time of this writing was $0.2848, its market capitalization was $594,740,080 and its 24-hour trading volume was down 48.91%. It now stands at $411,808,266. At the same time, the circulating supply is approximately 2,090,735,404 CFX, according to crypto market tracker CoinMarketCap.
EOS (EOS)
EOS is the native icon of the EOSIO network, an open source blockchain platform that prioritizes high performance, flexibility, security and developer experience. It is a Delegated Proof of Stake (DPoS) network with an extensible WebAssembly engine for deterministic execution of nearly free transactions.
The EOS Network is attractive and simple, which helps users get used to the blockchain. EOS price is currently trading at $1.20 with a 24-hour trading volume of $185,273,431. It has increased by about 14.66% in the last seven days.
Polkadot (DOT)
Polkadot (DOT) outperformed top crypto assets last week as the cryptocurrency market continues its recovery attempt. DOT is the governance token of the Polkadot network, a leading technology that enables several blockchain networks to exchange data and assets in real time. It also increases efficiency and reduces barriers to entry for new users and developers.
According to cryptokoin.com data, Polkadot is traded at $ 7.10. It increased by about 14.81% in a week. With a market cap of $8,270,571,159, Polkadot’s circulating supply is approximately 1,159,443,447 DOT, according to crypto market tracker CoinMarketCap.
VeChain (VET)
Launched nearly seven years ago, VeChain is expanding its ecosystem as new dApps and solutions arrive. It exists to disrupt traditional business models by providing a decentralized layer of trust for multiparty ecosystems and has already had great success with high-profile clients and government agencies.
At the time of writing, VeChain price is $0.02905 (22.85% increase in one week) and market cap is $2,106,762,852. At the same time, the circulating supply is approximately 72,511,146,418 VETs, according to crypto market tracker CoinMarketCap.
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