The crypto industry has been dominated by the recovery major cryptocurrencies and regulatory developments, but an unexpected player has taken the market by storm. Black Phoenix, a payment system protocol, and its native token, BPX, have seen an astonishing price rise, outperforming the entire market with historical performance.
Notably, Black Phoenix's BPX token hit an all-time high of $2.60 on May 22, propelled by a staggering growth of 4,400,000% in the last 24 hours and over 6,500,000% in the last fourteen last days.
This unexpected victory caught the attention of investors, prompting them to take a closer look at the underlying principles and design of the protocol.
Explore the Black Phoenix design
According to the protocol “Black paper“Released in April 2021, Black Phoenix introduces a fully on-chain liquidity protocol for instant exchanges of cryptocurrency tokens in a decentralized manner on any smart contract-enabled blockchain.
The protocol design pools liquidity within each blockchain, claiming to offer “the best rates” to takers. execute transactions. Additionally, Black Phoenix envisions a connected liquidity network facilitating seamless cross-chain token swaps across its networks on different chains, with its Tron (TRX) blockchain-based token.
Related reading
To implement a distributed infrastructure services economy, Black Phoenix introduced its native BPX token. BPX aims to eliminate the “inefficiencies” of the existing protocol and attract a large user base, creating a walk for distributed infrastructure services.
Black Phoenix's long-term and short-term goals revolve around achieving reputable exchange listings, increasing the token value, and expanding the user base.
Currently, BPX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Black Phoenix is FameEXwhere the most active trading pair BPX/USDT has a trading volume of $2,809,201 in the last 24 hours, which has been the driving force behind the current uptrend.
![Dark Phoenix](https://www.newsbtc.com/wp-content/uploads/2024/05/Screenshot_128.jpg?w=778&resize=778%2C722)
Nonetheless, Black Phoenix plans to list the BPX token on several exchanges, including Hotbit, Hitbtc, Coinex, Binance, and Coinbase Pro.
Trading volume skyrockets by 2,800,000%
The increase in trading volume is a key indicator of Black Phoenix's recent success. CoinGecko data shows a significant increase in trading volume for BPX on Wednesday, reaching 2,800,000%.
At the same time, Black Phoenix's market capitalization reached $3.8 billion, a significant increase from $29 million in hours.
THE fully diluted valuation (FDV) is a statistical representation of the maximum market capitalization an asset can reach, assuming all available tokens are in circulation.
For Black Phoenix, FDV currently stands at an impressive $10.4 billion. This valuation represents the potential growth and market capitalization of BPX if all 4 billion tokens were in circulation.
Following the notable increase in all key BPX indicators, the project team made a bold decision predictionclaiming that BPX will soon become one of the top 5 cryptocurrencies in the world.
Related reading
Ultimately, the potential listing of Black Phoenix's token on major exchanges promises to further propel its upward trend. However, as is the case with all cryptocurrencies, the extent of its rise and the subsequent occurrence of a market correction remain uncertain.
Featured image from Shutterstock, chart from TradingView.com