A payment system protocol called Black Phoenix has unexpectedly taken the cryptocurrency market by storm. It has cast a shadow over the recent changes to regulations and the rise of significant cryptocurrencies. The price of its coin, BPX, has increased considerably, much more than the market as a whole.
On May 22, BPX reached a high point of $2.60. In just 24 hours, this price went up by 4,400,000%. In the last two weeks, it shot up by 6,500,000%.
Investors are extremely invested in Black Phoenix’s enormous success, making people look more closely at the company’s basic ideas and style.
Black Phoenix’s “Black Paper,” which came out in April 2021, says it has an on-chain liquidity protocol that allows instant, decentralized cryptocurrency token swaps on any blockchain that supports smart contracts.
The protocol claims to offer the best deal rates by combining the liquidity in each blockchain. With its token based on the Tron (TRX) blockchain, Black Phoenix wants to create a connected trading network to facilitate cross-chain token swaps.
Black Phoenix Surges Ahead
The native BPX token was created to help create a distributed infrastructure services economy. The goal was to fix problems with the current system and get plenty of people to use it.
Black Phoenix wants respected exchanges to list BPX, raise its value, and attract more users. BPX tokens are currently traded on centralized platforms, with FameEX being the most well-known. FameEX’s BPX/USDT pair saw $2,809,201 worth of trades in the last 24 hours, which is causing the current uptrend.
BPX will be added to Hotbit, HitBTC, CoinEx, Binance, and Coinbase Pro, among other platforms. CoinGecko data shows that BPX’s trade volume increased by 2,800% on Wednesday, a significant jump.
In just hours, Black Phoenix’s shares have gone from $29 million to $3.8 billion. The fully diluted value (FDV) is $10.4 billion, which shows how much the market could be worth if all 4 billion tokens were circulated.
The Black Phoenix team is sure that BPX will soon be one of the top five cryptocurrencies in the world after this rise. The possibility of being listed on substantial exchanges could help BPX go even higher, but there is still a chance that the market will go down, which happens often in the volatile cryptocurrency market.
