While the veteran cryptocurrencies like the Bitcoin (BTC) and Ethereum (ETH) are struggling in the red, the asset-backed token Chronoly (CRNO) has emerged as the dark horse through its presale. Beginning in mid-May, this real-world utility token’s price skyrocketed by a whopping 560%, indicating the heightened interest of the investor community when the whole crypto market was showing a downtrend.
Low investor confidence in Bitcoin (BTC) and Ethereum (ETH)
The months of April and June, 2022 marked a long and painful downtrend for the crypto market when the king coin, Bitcoin (BTC), and the leading altcoin, Ethereum (ETH) chased some frightening lows. In the past 6 months, Bitcoin (BTC) has been trading far from its all time high price of $68,000, in November 2021, presently close to $24,000. Reportedly, key stakeholders, holding between 100 to 10,000 BTC, have diluted approximately 2.26% of their stake in this veteran currency.
Similarly, Ethereum (ETH), another very established cryptocurrency, is currently trading at prices close to $1,800, far from its all time high of nearly $4,800 back in November, 2021. These downtrends are a result of widespread uncertainty brought on due to economic and political factors like the Ukraine war, US inflation trends, possibility of a recession, etc. The risk of price volatility is very high in these veteran cryptos as they have low intrinsic value. As a result, their prices are highly sensitive to factors present in the external environment.
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On the other hand, the newly emerging asset-backed tokens come with some real, intrinsic value and utility, which afloats their prices, even in times of external turbulence within the crypto market. One such token is Chronoly’s CRNO token, which represents the world’s first ever blockchain-based fractional watch investment marketplace. The price jump of a thumping 560% in its presale, indicates that investors are highly interested and enthusiastic in the rise of this platform.
Why are investors excited about Chronoly’s (CRNO) Token?
Chronoly is the world’s first luxury watch investment marketplace that offers opportunities for investors to fractionally buy, sell or trade rare and collectible watches from popular brands like Rolex, Patek Philippe, Richard Mille, and Audemars Piguet. The platform enables users to invest in watch NFTs for as little as $10. These NFTs are backed by real, physical watches, insured and stored in Chronoly’s secure depository vaults, globally.
Watch NFTs offered by Chronoly.io can be used as a proof of authenticity and ownership, collateral for lending, trading in the secondary marketplace, held as digital collectibles in the Metaverse or the Chronoly.io ecosystem. Once 100% of an NFT is owned, it can also be redeemed for the physical watches from the Chronoly vault.
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The Chronoly.io ecosystem is supported and sustained by its native CRNO token. The token offers several benefits to its holders, like staking opportunities, rewards pool in the form of monthly lotteries, as well as up to 30% exclusive user discounts on transaction fees, storage fees and the Watch Concierge Club membership fees, among other benefits.
The CRNO token price started at $0.01, and is currently up by a whooping 560% at $0.066, in its third phase of presale The token has received immense enthusiasm and expert appreciation for its unique idea and multiple use cases. The asset-backing feature adds an intrinsic value to the token, making it reliable in the current, volatile market conditions, thereby regarding Chronoly as the unquestionable choice of young investors.
Find out more about Chronoly.io by visiting:
Website: https://chronoly.io/
Socials: https://linktr.ee/chronolyio
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