It’s no secret that the crypto market has struggled to stage a proper recovery after a few months. Following August’s peak, many top crypto coins have been in a continuous downtrend. Now, after disastrous inflation data released on Tuesday the 13th, crypto prices have seen renewed bearishness, especially in the top two coins, Bitcoin (BTC) and Ethereum (ETH).
However, one token called Chronoly (CRNO) has been outperforming the market at an incredible rate. In this article, we’ll discuss BTC and ETH’s rapid declines and CRNO’s recent price action.
Bitcoin (BTC) suffered from the recent inflation release
Most of the time, the crypto market follows Bitcoin: when BTC does well, so does the rest of the market, and vice versa. It’s been disheartening to watch Bitcoin’s price then if you’re an avid crypto investor, as it’s been declining continuously since August.
From its low in June, BTC rose 42% to a high in August after a strong uptrend. However, it broke down bearishly and has since kept falling, clearing most lows in the uptrend – but bulls are defending the June low. After a strong bullish reaction, BTC formed its lower high when the inflation data was released, which saw BTC’s price decline 10.43% in 12 hours afterwards.
Looking at Bitcoin’s overall price action, there’s little to be excited about for the crypto market’s bellwether. Expect further declines.
Ethereum (ETH): buy the rumor, sell the news
Despite Ethereum’s merge on the 15th, touted as the “biggest event in crypto history,” retail investors that bought the news were burnt. Some investors were expecting a massive influx of investment into Ethereum following the merge… yet this hasn’t happened.
In fact, since the 15th, ETH is down 16%. It seems like larger whales took advantage of novices buying the news to dump heavily on them, which has now forced prices below ETH’s August low. With its big brother, BTC, falling continuously, it’s like ETH will be down over the coming weeks.
Chronoly (CRNO) has only outperformed
You might be envious when you compare your crypto portfolio’s returns over recent months to early CRNO investors. If you would’ve bought CRNO at $0.01 back in May when presale started, you’d be up 690% already, with CRNO standing tall at $0.079.
Chronoly has already seen massive investment, selling nearly 250m tokens in presale. But what is Chronoly? It’s a blockchain-based marketplace for buying and selling shares in luxury timepieces from brands like Rolex, Richard Mille, and Audemars Piguet.
Using revolutionary NFT technology, the team at Chronoly has created several fractional NFTs linked to the physical watch, which they hold ready for a lucky investor to redeem once they own 100% of the timepiece’s NFTs. One of the most exciting aspects of Chronoly is that it opens up luxury watch investing to the masses – anyone can buy one of these shares for as little as $10.
Now, crypto experts are forecasting that CRNO, the token powering the marketplace, will ascend to astronomical heights in the coming weeks, given how bullish CRNO has been in recent months. Right now, you can pick up CRNO tokens for $0.079, a far cry from the $0.50 to $1 price target set by many analysts.
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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