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Binance enabled CFX and BAKE on Binance Isolated Margin. How good is it to invest in BAKE and CFX?
On May 7th, 2021, Binance announced the enabling of the two new isolated margin assets, namely, BAKE and CFX, on the Binance Isolated Margin. The new isolated margin pairs that are now available for trading on Binance are CFX/BTC, CFX/BUSD, BAKE/USDT, and CFX/USDT.
CFX (Conflux Network)
CFX is the native utility token of the Conflux network, and its current price is $0.8731. The currency is decreased by nearly 7.11% in a week and has the market ranking of #112 according to CoinMarketCap. Conflux Network is a public blockchain that aims to bridge the western and Asian communities for enabling the secure flow of data and assets through applications and protocols. The Network is entirely scalable, fast, and with zero congestion.
Looking at the all-time graph of CFX, the trend is upward since its launch. But, the seven-day graph is decreasing. It has its all-time high on March 27th, 2021, and since then, it is having many highs and lows.
Based upon the trend, a long-term increase can be expected for CFX, and it can give good returns if invested for an extended period.
BAKE (Bakery Token)
BAKE is the native cryptocurrency of BakerySwap. Bakeryswap is an automated market-making protocol based on Binance Smart Chain. Users can potentially earn BAKE tokens by giving liquidity on BakerySwap, and these tokens are helpful in receiving transaction fee dividends and governance voting.
The market price of BAKE, at the time of writing, is $6.18 and is decreased by almost 6.52% in a day. Its price is reduced by more than 17% over a week and has a market capitalization of more than $1.16 billion as of May 9th, 2021.
If we look at its all-time graph, it is evident that the price of the Bakery Token has increased since its launch, facing some highs and lows in between. And it is currently decreasing for a week. BAKE seems to be a profitable currency with good returns over a long time. Seeing the trend, crypto is expected to increase in the coming months.