TL;DR
- CVX Price Surge: Convex Finance’s CVX token price has skyrocketed by over 50% in 24 hours, setting new trading volume records on platforms like Binance and Bybit.
- Market Cap Growth: The market cap of CVX has reached $415 million, with a daily trading volume increase of 2,800%, indicating a strong market interest.
- DeFi Interest Revival: The spike in CVX trading and open interest suggests a renewed interest in DeFi platforms, with Convex Finance at the forefront of this trend.
Convex Finance’s (CVX) price has soared over 50% in the last 24 hours, setting new trading volume records and drawing significant attention from the cryptocurrency community.
Crypto analyst Wu Blockchain reported that Binance experienced a spike in CVX/USDT spot trading volume, reaching nearly $32 million—a record for the platform. Concurrently, Bybit saw its CVX USDT perpetual contract trading hit $120 million.
Market Cap and Trading Volume Surge
The market cap of CVX rocketed to $415 million, positioning it as the 155th-largest digital currency by market capitalization. The asset’s daily trading volume witnessed a staggering increase of 2,800%, soaring to the $150 million mark.
Data indicates that the total value locked (TVL) in the Convex Finance decentralized finance (DeFi) protocol increased by 1% over the past day, now standing at $1.31 billion.
A Crypto Investor’s Journey with Convex Finance
Crypto investor CrediBULL Crypto recounts their lucrative experience with Convex Finance. Acquiring CVX at approximately $5 in 2021, the investor recovered their initial outlay within a year, benefiting from substantial APRs derived from bi-weekly “bribes” distributed to CVX stakeholders.
First bought $CVX in 2021 at around $5.
Over the next year or so I would completely recoup my principle via the “bribes” or incentives that are paid out to holders every two weeks.
The ~30% APR I was earning at the time scales with price- so I ended up recouping my investment… https://t.co/or2PYeY4f6
— CrediBULL Crypto (@CredibleCrypto) June 16, 2024
Despite a decline in value from a peak of $60 to $2, the investor capitalized on the situation to increase their holdings threefold.
Renewed Interest in DeFi Platforms
The recent trading frenzy and long-term investor optimism point towards a resurgence of interest in yield amplifiers and DeFi platforms like Convex Finance.
Convex Finance enables Curve Finance liquidity providers to stake their tokens directly on its platform, earning trading fee dividends in cvxCRV tokens without the need to provide liquidity to Curve Finance.
Recent Santiment data reveals a 151% surge in CVX’s total open interest over the last day, indicating traders are capitalizing on the asset’s rapid price shifts for short-term gains, leading to increased price volatility.
At the time of writing, Convex Finance (CVX) is trading at $3.64, with a 24-hour trading volume of $196.6 million The currency has seen an increase of nearly 50% in the last 24 hours and 52% over the past week.
This remarkable surge reflects not only the dynamic nature of cryptocurrency markets but also underscores the growing interest in decentralized finance solutions.
