Users are now keeping away from speculative assets while trusting options backed by real world assets and use cases. In this context, Chronoly (CRNO), a utility token of luxury watch marketplace Chronoly.io, has found a lot of traction among investors. The CRNO token presale closes in less than 24hrs and has shown tremendous growth and outperforming cryptocurrencies like Stellar (XLM) and eCash (XEC) in a very short time.
Here’s a look at why Chronoly is performing well while Stellar and eCash are struggling to regain investors' trust.
The performance of Stellar (XLM) cryptocurrency has been below par in 2022. Ranked 25th by market capitalization on CoinMarketCap, Stellar network’s native digital currency, XLM or Lumens, has managed to reach a price of $0.12, increasing 12% in the last 7 days. However, this price is much lower than XLM’s all-time high (ATH) of $0.87 recorded on January 3, 2018. XLM price is down 86.3% from the ATH. In the last one year, XLM price has declined by over 60%.
Stellar network’s XLM token is stuck in the red zone for a very long time, leading to massive depreciation of investors’ wealth. Experts are now warning that the price of XLM token may fall further amid a global market downturn due to rising interest rates and recession fears.
Stellar is a decentralized peer-to-peer network trying to solve the issue of high transaction costs, especially during cross-border payments. However, with so many crypto projects trying to solve the same problem, Stellar is stuck in a stagnant market as common investors are yet to fully trust decentralized crypto platforms.
In the ongoing crypto winter, eCash (XEC) has emerged as one of the wealth destroying crypto assets. XEC cryptocurrency is a fork of Bitcoin and Bitcoin Cash. It was designed to serve as electronic cash. But at a time when Bitcoin’s price has plunged below $20,000, investors are not showing much interest in eCash (XEC).
According to CoinmarketCap data at the time of writing, the price of eCash token is $0.0000401, which is 93% below its all-time high of $0.0005926, recorded just 10 months back on November 10, 2021.
The development team behind eCash wants to make XEC a digital currency that anyone can use across the world. However, this is not the first of its kind crypto asset that aims to become the global digital currency. There are many cryptocurrencies, including Bitcoin, which aim to become the global currency in future. Investors, therefore, are not showing much confidence in eCash (XEC), indicating why the price of this crypto asset is plunging.
While investors are keeping away from stagnating cryptocurrencies like Stellar (XLM) and eCash (XEC), Chronoly (CRNO) has dazzled the crypto world with massive growth in a short time. Interestingly, the jump in CRNO price is not because of any social media hype. Rather, the performance of Chronoly (CRNO) is backed by solid fundamentals and a unique value proposition.
CRNO is the utility token of digital watch marketplace Chronoly.io, which offers fractional ownership of high-value luxury watches through non-fungible tokens (NFTs) for as little as $10. The ownership is real as each NFT minted by this marketplace is backed by a real watch kept in a secured vault.
Holders of Chronoly (CRNO) NFTs can trade their assets and gain from future price appreciation of luxury watches. This special feature of the Chronoly platform has created a huge support for its utility token, CRNO. During the sold-out presale phase, Chronoly’s CRNO token jumped 690% from $0.01 to $0.079. The price of CRNO tokens is expected to rise faster after formal launch on crypto exchanges.
For more information about Chronoly.io Pre-sale