Cronos is currently riding a bullish wave, seeing significant gains despite slowing overall market momentum. According to quinjicoThe token has risen over 12% since last week, going against the overall market momentum.
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This week, Cronos has been spurring investor interest as it builds momentum for the upcoming Cronos zkEVM mainnet alpha launch on August 15.
Cronos zkEVM is about to launch with major partners
The official account of Cronos X has: It was announced The upcoming Cronos zkEVM mainnet will launch in its beta phase on August 15th next week. This will be the platform’s dedicated layer 2 for Ethereum, leveraging the security of Ethereum while maintaining the interoperability of the Cronos chain.
The Cronos zkEVM public mainnet (beta) is scheduled to launch on August 15.
The newest and most futuristic Cronos blockchain is almost ready to go live. On August 15, users will be able to connect their wallets, bridge funds, and use a growing number of decentralized applications.
What is it… https://t.co/aYOdM7FKAS pic.twitter.com/UM3zPWJfO3
– Cronos (@cronos_chain) August 8, 2024
Cronos has also secured several launch partners for zkEVM, each of which will help improve user convenience as developers work to resolve L2 issues in the first couple of months. Partners such as Profit Network and Beth Network Users will be able to use the Alpha mainnet with little to no hindrance.
Eli5DeFi also released A post explaining the upcoming Layer 2 features. With Cronos zkEVM’s high throughput, native account abstraction, shared liquidity, and native yielding assets, the platform is set to have a great time on launch day.
As is @cronos_chin As the mainnet launch approaches, let’s take a look at what makes Cronos zkEVM stand out.
Dive into our full analysis 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 could see some gains in the CRO space
CRO bulls are currently trying to break the $0.0950 ceiling after surging yesterday due to positive on-chain news. At the moment, the token will have strong bullish momentum once the next week starts.
Economically, the market still has a significant impact on CRO despite the network’s announcement. As of this writing, the market has stabilized at a steady level, returning to pre-drop levels. This relative stability could be either a good or bad thing for CRO and the market as a whole.
Its relatively significant correlation to Bitcoin may shed some light on how it performs, giving CROs a connection to traditional finance in turn. With the market maintaining a positive attitude about the state of the economy, it would seem logical that a strong rise in private equity prices would translate into gains for CROs and the cryptocurrency market as a whole.
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As in the market Supports After posting modest gains following the recovery, CROs are in a great position to capture value and momentum moving in and out of their network and the overall market momentum.
Investors and traders should know that investing in CRO now before the update is a long-term investment as anything can happen in the market and on the Cronos zkEVM launch day. However, if the uptrend continues, we may see the token break above $0.1223 in the long term.
Featured image from Forbes, chart from TradingView
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