Cronos Surprises With 12% Uptick – Can Investors Sustain The Rally?
Cronos is currently riding the bullish wave, seeing significant gains despite the momentum of the general market slowing down. According to Coingecko, the token is up more than 12% since last week, going against the grain of the general market momentum.
This week, Cronos has spurred investor interest as it creates momentum for its upcoming Cronos zkEVM mainnet alpha launch on August 15th.
Cronos zkEVM Set To Launch With Major Partners
The official Cronos X account has announced that the mainnet of its upcoming Cronos zkEVM will be released in its alpha stage on August 15 next week. This will be the platform’s dedicated layer 2 for Ethereum, leveraging Ethereum’s security while maintaining Cronos chain interoperability.
The Cronos zkEVM public mainnet (alpha) launch date is targeted for August 15.
Cronos’ newest, future-proof blockchain network is almost ready to go live. On Aug 15, users will be able to connect their wallet, bridge funds, and use a large and growing number of dapps.
What are… https://t.co/aYOdM7FKAS pic.twitter.com/UM3zPWJfO3
— Cronos (@cronos_chain) August 8, 2024
Cronos also secured multiple launch partners for the zkEVM, each of which will help in improving user convenience as the developers work out the L2’s kinks in the first couple of months. Partners like the Earn Network and Pyth Network will enable users to use the alpha mainnet with little to no hiccups.
Eli5DeFi also released a post explaining the advantages of the upcoming layer 2. With Cronos zkEVM’s high throughput, native account abstraction, shared liquidity, and native yield-bearing assets, the platform is set to have a great time on launch day.
As the @cronos_chain mainnet launch approaches, let’s revisit what sets Cronos zkEVM apart.
Dive into our full breakdown in the previous post!
Learn more here
https://t.co/lXeHxKBRH9 https://t.co/ZOhxuwTAnh pic.twitter.com/xVtfye8BnU
— Eli5DeFi (@eli5_defi) August 8, 2024
Launch Week Might Post Some Gains For CRO
CRO bulls are currently attempting to break through the $0.0950 ceiling after rising yesterday due to the positive on-chain news. Right now, the token will have a strong upward momentum once next week starts.
Macro-wise, the market still has significant influence on CRO despite the network’s announcement. As of writing, the market has plateaued as it returned to pre-dip levels. This relative stability can turn either good or bad for CRO and the general market.
Its relatively significant correlation with Bitcoin might shed some light on how it will perform which in turn gives CRO a relationship with traditional finance. With the market keeping a positive position on the state of the economy, it might seem logical that a strong increase in prices in private equity might translate to gains on CRO and the crypto market as a whole.
As the market posts modest gains after the rebound, CRO is on a great position to capture value and momentum moving in and out of its network and the momentum of the general market.
Investors and traders should be informed that investing on CRO now before the update is for the long term as anything can happen on the market and on the day of launch of the Cronos zkEVM. However, if the bullishness continues we might see the token breach above $0.1223 in the long term.
Featured image from Forbes, chart from TradingView
