Investors in Cardano (ADA) and Ethereum (ETH) saw their portfolios damaged again with another drop in the market cap of both. Ethereum traded near $1,000 and Cardano made a move below $0.50 as investors continue to get cold feet in the market. Forced liquidations was another problem as yesterday’s crypto investors continue to lose money. The Cardano and Ethereum teams have both worked hard on developments to change their blockchains but that has little meaning when big investors lose their appetite for digital assets. A newcomer project being tipped by analysts is Chronoly (CRNO), and the project has outperformed both ADA and ETH in a big way. Chronoly.io is seeking to decentralise the luxury watch market with fractional stakes and 24-7 trading in luxury timepiece NFTs. There should be big gains ahead for Chronoly.io, lets explore why.
Cardano (ADA) dragged into the DeFi Project fallout
One of the most recent developments in Cardano (ADA) was a move to focus on the decentralised finance market. By changing its technology from top to bottom, Cardano was creating a platform for smart contracts that are seeking to attract DeFi app developers. That did not last long and the problems in that sector have dragged ADA lower to a price of $0.50. There was one bright spot for Cardano with news that investors are buying on the way down. The CoinShares’ Digital Asset Monthly Fund Manager Survey said that investors preferred Cardano to Ethereum.
Ethereum’s fall from grace continues
Ethereum (ETH) has been a victim of the recent market woes as investors are less excited about the long-awaited update of the Ethereum blockchain which was dubbed ‘The Merge’. After the much hyped move to a leaner and faster Proof-of-Stake (PoS) blockchain. Investors have grown concerned about the project’s ability to execute the plan. That saw the price of ETH close to $1,000 as liquidations hit the crypto market.
Chronoly outperforms the two and has room for more
The Chronoly (CRNO) project shrugged off the cryptocurrency bear market with a 500% move in the token during its token presale. This is still a relatively unknown project and analysts are positive on the project’s potential for further gains in the months ahead. The Chronoly project is in phase two of its token sale and following one from the end of presale, will seek exchange listing which could propel the price higher. Add the potential to stake the native CRNO token for passive gains and investors are confident of the project’s potential.
Chronoly is seeking to modernise the luxury watch market with a decentralised marketplace for trading. NFTs are minted against the rare, luxury and exclusive watch that is then held in safe storage and investors can take a fractional stake. That will bring liquidity to the market and also allow investors to get involved from as little as $10. Previously, the market was cornered by wealthy investors and watches would disappear into the shadows for years. With Chronoly there will be actively traded markets and shared ownership. Top crypto analysts are predicting a 2,000% rise before the end of the presale period suggesting that even through such tough market conditions Chronoly is here to stay. It has been predicted Chronoly will turn unicorn status during 2023 and will have a market valuation exceeding $1 billion. Our pick of the week for top investment goes to Chronoly
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