Covalent X Token (CXT) is a cryptocurrency designed to power the Covalent Network, a unified API that provides extensive blockchain data across multiple chains. Whether you are an investor, developer, or crypto enthusiast, understanding CXT’s price dynamics, utility, and future potential is essential. This guide offers a detailed look at CXT’s live data, key features, and factors influencing its value.
Real-Time CXT Price and Performance
As of the latest data, Covalent X Token is trading at approximately $0.02352**, with a 24-hour trading volume of around **$59,107. Over the past day, CXT has decreased by roughly 12.53%, while its weekly performance shows a decline of about 5.08%. The token’s all-time high stands at $0.16819, which means the current price is significantly lower, reflecting the high volatility common in cryptocurrency markets.
Here is a snapshot of CXT’s recent performance:
| Period | Price Change | Percentage Change |
|---|---|---|
| Today | -$0.00322 | -12.04% |
| 7 Days | -$0.00121 | -4.85% |
| 30 Days | -$0.00798 | -25.15% |
| 3 Months | -$0.00951 | -28.59% |
Covalent X Token’s market capitalization is approximately $436,289, though the circulating supply is not publicly disclosed. This metric is crucial as it reflects the total market value of all circulating CXT tokens.
What Is Covalent X Token (CXT)?
Covalent X Token serves as the native utility and governance token for the Covalent Network. The network offers a powerful API that aggregates data from dozens of blockchains, allowing developers to access rich, historical, and real-time on-chain data efficiently. CXT is used for:
- Staking: Token holders can stake CXT to help secure the network and earn rewards.
- Governance: CXT holders participate in voting on proposals that guide the network’s development.
- Payment for Services: Developers pay for data queries using stablecoins, which are converted into CXT, creating consistent demand for the token.
Key Factors Influencing CXT’s Price
Multiple variables can impact the value of Covalent X Token. Understanding these can help investors make more informed decisions.
1. Market Supply and Demand
Like most cryptocurrencies, CXT’s price is heavily influenced by market dynamics. Limited supply paired with high demand typically drives the price upward, while increased selling pressure can lead to declines.
2. Staking Rewards and Yields
CXT offers staking rewards, historically yielding between 8% to 18% APR. This feature attracts long-term holders, as it provides a passive income stream, potentially supporting price stability.
3. Network Adoption and Usage
The more developers and projects that use Covalent’s API, the higher the demand for CXT. Increased utility and real-world application often correlate with token appreciation.
4. Broader Market Sentiment
Cryptocurrency prices are often influenced by overall market trends. Positive developments, partnerships, or technological upgrades can boost investor confidence, while negative news can lead to sell-offs.
5. Liquidity and Trading Volume
High liquidity generally reduces price volatility, making it easier to buy or sell large amounts without significantly affecting the market price.
6. Governance and Upgrades
Community-led decisions regarding network upgrades, fee structures, or reward mechanisms can impact investor perception and token value.
How and Where to Stake CXT Tokens
Staking CXT allows you to contribute to network security while earning rewards. Here’s a step-by-step guide to staking:
- Connect a Wallet: Use a compatible Web3 wallet like MetaMask and ensure it is connected to the Ethereum Mainnet.
- Access the Staking Dashboard: Visit the official Covalent staking platform.
- Select a Network Operator: Review operators based on their commission rates, available delegation room, and historical performance.
- Delegate CXT: Choose an operator, approve the transaction in your wallet, and confirm the staking amount.
- Manage and Redeem Rewards: You can regularly claim staking rewards or choose to compound them by restaking.
- Unstaking: If you decide to unstake, note that there is a 14-day cooldown period before tokens are returned to your wallet.
Staking is a great way to earn yield while supporting the Covalent ecosystem. 👉 Explore more staking strategies
Frequently Asked Questions
What is the current price of Covalent X Token (CXT)?
The live price of CXT is approximately $0.02352. Prices fluctuate based on market conditions, trading volume, and overall sentiment in the cryptocurrency space.
Is CXT a good long-term investment?
CXT offers utility through staking, governance, and ecosystem usage. Its long-term potential depends on the adoption of the Covalent API, network upgrades, and broader market trends. Always conduct personal research and consider risk tolerance before investing.
How can I purchase CXT tokens?
CXT is available on several cryptocurrency exchanges. You can trade it against major cryptocurrencies like USDT or BTC. After purchase, tokens can be stored in exchange wallets or moved to private wallets for added security.
What is the all-time high for CXT?
Covalent X Token reached an all-time high of $0.16819. The current price is down significantly from this peak, which is common in volatile crypto markets.
Can I stake CXT directly from my exchange account?
Some exchanges support in-platform staking, but for full control and potentially higher yields, using the official Covalent staking dashboard is recommended.
What makes Covalent Network unique?
Covalent provides a unified API that indexes and queries data across multiple blockchains. This allows developers to build applications without managing complex infrastructure, making it a valuable tool in the Web3 space.
Conclusion
Covalent X Token (CXT) plays a critical role in the Covalent Network, offering staking, governance, and utility functions. While its price has experienced volatility, its underlying technology and ecosystem provide compelling use cases. For those interested in staking or investing, understanding market trends, project developments, and risk factors is essential. 👉 View real-time tools and data