One fact that the current bearish crypto market has solidified is that the underlying concepts and principles behind crypto projects play the most important part in their success. This can be witnessed in the recent performance of the crypto market. The current market conditions have crippled several crypto projects, whereas many are struggling to survive the bearish storm. However, some projects, although very few, have rallied against the unfavorable wind and registered massive growth in the last few months.
For instance, Symbol (XYM) and Chronoly (CRNO) are two cryptocurrencies whose market fates have been opposites. While Symbol’s XYM has witnessed a fall in its value, Chronoly’s CRNO has grown massively. CRNO is up by 660% in only a few weeks of its pre-sale phase.
Now the question arises what makes CRNO secure, stable, and booming, which XYM lacks?
Symbol (XYM) Lacks Uniqueness and Real-World Backing
Symbol (XYM) cryptocurrency uses the latest technology to make financial transactions faster, secure, and reliable. It has been developed on a protocol similar to Bitcoin but has undergone several modifications to have an edge over other cryptocurrencies with the same goal. Symbol’s XYM can be used to pay for goods and services, both online or in-person, and can be stored on any device that supports Bitcoin wallets.
However, Symbol’s most significant challenge comes from its usability, which is similar to the usage offered by many other cryptocurrencies. Symbol’s XYM does not hold any specific or unique utility. Hence, Symbol faces challenges from many similar projects, eroding its market share. Besides, Symbol’s XYM is not backed by any real-world asset, and its price relies heavily on trade volume. Thus, when the market crashed, Symbol’s trade volume tumbled, causing its price to drop severely.
Thus, Symbol has been trying to increase the use cases of XYM to increase the trade volume.
Chronoly’s Unique Usability And Real-World Asset Backing Drive Its Success
Ever since its launch in May 2022, real-world utility token Chronoly (CRNO) has been making the rounds in the news for all good reasons. Chronoly’s CRNO token has recorded a massive success during its pre-sale phase.
Chronoly.io is the world’s first investment platform where people can make a fractional investment in luxury watches. Chronoly.io mints NFTs of rare collectable watches of multinational brands such as Richard Mille, Rolex, Patek Philippe, and others. Chronoly.io allows people to gain fractional ownership of timepieces for as less as $10.
Chronoly.io is one of the most trustworthy crypto projects ever, as the company mints NFTs of any watch only after purchasing the physical version. Thus, all NFTs minted by Chronoly are backed by the physical version of the rare collectable watches. It gives stability to the price of the NFTs and ensures that the token’s value is not susceptible to speculation or hype. This, in turn, solidifies investors’ trust in Chronoly’s CRNO, leading to more appreciation of the project.
Users of Chronoly’s CRNO can take out loans at competitive rates against the watch NFTs they hold. Holders can even stake their CRNO tokens in the project’s lending pool to yield a passive income.
With all the benefits mentioned, it is no surprise that Chronoly.io has performed exceptionally well since its launch. Its price has soared from $0.01 to $0.06 in just a few weeks. Experts have predicted that CRNO can reach a target price between $0.50 and $1.0 in the next few months. They are also expecting CRNO to go up by 2,500% soon.
For more information about Chronoly.io Presale:
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.