According to May CPI figures, U.S. inflation is 8.6%. It’s the highest since December 1981. The S&P 500 fell 4% last week to a new yearly low due to worrying levels of inflation. As the US Federal Reserve considers boosting interest rates this week, expect more negative crypto headlines. Widespread layoffs and troubles have caused another crypto fall just one month after the Terra Luna collapse. This is all making crypto investors very skittish and goes some to explaining why Hedera (HBAR) and Monero (XMR) investors are starting to buy Chronoly (CRNO).
Hedera (HBAR) appears to be trending down
The HBAR price dropped 42 percent last month, as the crypto market has witnessed one of its greatest collapses in recent memory. The HBAR token dropped from a weekly high of USD 0.155 to a record low of USD 0.073. Since that low point it has recovered a little up to USD 0.1028 at the time of writing, thus bouncing off its long-term downward trend line. HBAR has continued to claw back a few inches of ground since then but it is still short of recovery.
Hedera’s (HBAR) poor performance could be extended if enough buying volume is not obtained. Such a result is likely if current feelings hold. Because the market is so intertwined, cryptocurrencies such as (HBAR) will continue to follow Bitcoin’s price pattern, i.e., trending down.
Monero (XMR) – recovery far from guaranteed
Since the beginning of June, Monero [XMR] has been in free fall, with what began as a small retracement turning into a full-fledged crash. XMR’s most recent drop has wiped out the gains made during its 75 percent climb from mid-to-end May.
To put the bearish dip in perspective, on June 1st, XMR reached a high of $204, its highest level this month. Last week it fell to $111.20 representing a 44 percent decrease in two weeks. Some market watchers believe that Monero has reached its floor and will climb upwards from here. But this is by no means guaranteed.
Chronoly (CRNO) is providing safe harbour in stormy seas
With all of the market instability and bad news sprouting up everywhere, it’s understandable that investors are considering their options and looking for more tempting opportunities. Chronoly (CRNO) is one of these, having made a spectacular entrance to the market at the beginning of May 2022 in its presale stage, which will remain through to September 27th.
Chronoly doesn’t rely on jokes, memes, or hollow promotion to get its message out. Instead, the coin’s creators have designed it such that it reflects genuine, solid, old-fashioned value in the form of investment-grade watches like Rolex and Patek Philippe that back the coin’s value. Each valuable watch is represented by an NFT and investors can purchase fractions of those NFTs to hold, trade, or stake for a passive income. As a result, crypto veterans and even newcomers are flocking to Chronoly as a safer bet and a store of real value. The price of Chronoly has risen 400% since the start of presale and analysts are predicting a further 2,500% rise before the end of September. This is a top crypto to watch out for and is expected to have a market cap of over $1 billion in 2023.
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