Is Cronos Going to Zero? CRO Faces a 7% Decline While New Bitcoin Project Reaches $5.1 Million
The Cronos price has dropped by 3.5% in the past 24 hours, falling to $0.101700 as the market suffers a 3% loss today and as an exciting new Bitcoin project raises more than $5.1 million in its presale.
Despite this loss, CRO is now up by 7% in a week and by 10% in the last 14 days, with the utility token down by 2.5% in a month but up by 81% since the start of the year.
Yet despite CRO witnessing a strong percentage gain this year in terms of its price, its native Cronos blockchain has actually witnessed a 6% decline in its total value locked since January 1.
But while this raises troubling questions for the future direction of CRO, there are other alts in the market right now that show stronger promise, with Bitcoin Minetrix looking to capitalize on its successful presale with the launch of its stake-to-mine platform in the next few weeks.
Is Cronos Going to Zero? CRO Faces a 7% Decline
CRO’s chart and indicators are in a mixed position right now, in that further declines look more or less as likely as further gains.
For instance, the coin’s RSI (purple) has fallen below 60 today after clipping 70 last week, a sign of declining momentum.
In addition, CRO’s 30-day average (yellow) has been comfortably above its 200-day (blue) for around a month now, something which could potentially signal that the coin is due to come down significantly in the next few weeks.
While continued falls are possible, it’s worth noting that the coin’s support level (green) has risen considerably since the end of October, holding up well against brief dips and bouts of profit-taking.
As such, further falls may not be dramatic, even if CRO’s trading volume has tailed off in recent days, dropping from about $60 million during the weekend to $30 million today.
This is pretty low compared to many other major tokens, and it suggests that CRO remains exposed to sudden price swings in the event of big trades.
Nonetheless, the following weeks could help CRO to rise once again, assuming that the market as a whole becomes more bullish.
Many analysts are expecting such an eventuality, predicting that the entire market could rally in the event that the SEC approves Bitcoin ETFs next month.
Besides Ethereum, here are the top 10 blockchains with the highest TVL in H1/2023
Tron
BNB Chain
Arbitrum
Avalanche
Polygon
Optimism
Solana
Fantom
Kava
Cronos pic.twitter.com/shcSYJYBEP— Coin98 Analytics (@Coin98Analytics) July 13, 2023
Yet if this doesn’t happen, CRO may struggle to gain substantially on its own account, given that the Cronos blockchain has actually seen a decline in TVL in the past year.
New Bitcoin Project Reaches $5.1 Million
Because CRO remains somewhat uncertain, many traders may prefer to look to other altcoins for above-average gains.
Finding such coins is generally easier said than done, but one way of finding the most promising assets is to look for successful presales, which can generate lots of momentum en route to big exchange listings.
And one coin enjoying one of 2023’s biggest presales right now is Bitcoin Minetrix (BTCMTX), a Bitcoin project that has raised just over $5.1 million in its token offering.
#BitcoinMinetrix represents a cutting-edge cloud mining solution, enabling participation in decentralized $BTC mining.
With its focus on eradicating risks associated with fraudulent third-party cloud mining, it grants users full autonomy over their mining activities. 🔒✨ pic.twitter.com/VTlrHmmXNN
— Bitcoinminetrix (@bitcoinminetrix) December 11, 2023
A stake-to-mine platform set to launch early next year, Bitcoin Minetrix will enable users to mine actual Bitcoin (BTC) by staking its native BTCMTX token.
By staking BTCMTX, users receive tokenized mining credits, which in turn they can use to pay for Bitcoin mining to take place on their behalves.
Doing this can earn them newly mined BTC, with Bitcoin Minetrix’s simple interface and setup likely to widen access to Bitcoin mining.
On top of this, those who stake will also receive a passive income in the form of new BTCMTX tokens, making Bitcoin Minetrix a potentially highly lucrative platform.
Investors can join the presale at the Bitcoin Minetrix official website, where they can use ETH, BNB, USDT or fiat currency to buy BTCMTX at a price of $0.0121 per token.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
