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While Bitcoin (BTC) has had its fair share of critics over the years since its incorporation in 2009 it's clear that Bitcoin (BTC) is here to stay. When Bitcoin (BTC) rises or falls the rest of the market tends to follow a similar pattern. Investors recently have been looking for other crypto projects to invest in that have more use cases to them as opposed to just a payment method or store of value.
Recently, a new project called Chronoly has made a considerable splash in the market with a distinctive value proposition—a blockchain-based fractional investment marketplace for luxury watches. Even though its CRNO token is only in the first phase of its presale, the project's compelling ecosystem and unique token utility have already drawn in many investors and industry experts.
Chronoly's entry into the crypto markets has rekindled the discussion about the value of cryptocurrencies. Many investors are now comparing Chronoly's value proposition with Bitcoin's purpose, circling back to the long-standing question, "Why is crypto crashing? and are there better alternatives to Bitcoin (BTC) and Solana (SOL)?".
Bitcoin (BTC) has endured a turbulent start to the year with the price trading down 56% from its all-time high. The recent downturn in the crypto market has wiped an estimated $1.5 trillion off the market with many big Bitcoin investors sitting on the fence questioning whether this could be another "crypto winter" reminiscent of the 2018 crash.
Recently bigger players have started to enter the market with JP Morgan, Goldman Sachs, and Morgan Stanley expanding their cryptocurrency teams, Coinbase which is the third biggest cryptocurrency exchange announced that 50% of the assets traded were from institutional accounts.
The price of Bitcoin (BTC) has been consolidating over the past few days signaling a potential breakout between $35,000 and $38,000 at the time of writing the current price of Bitcoin (BTC) is trading at $30,450 meaning a 25% bullrun could trigger an explosive rally heading into the summer months.
Solana is a blockchain that has smart contract functionality. Its native cryptocurrency is SOL. Being 80% down from its all-time high and currently trading at $52.78 as of 20th May, people are questioning where Solana (SOL) will go from here. Launched in March 2020 Solana (SOL) provided excellent returns to the early investors, but those who invested six months ago are struggling to see a way of recouping their money.
Although lots of NFT marketplaces have launched on the Solana network there is fierce competition with those using the Ethereum blockchain and the likes of OpenSea are gradually capturing more of the NFT market share making it harder for Solana (SOL) to find a way back.
It's predicted that Solana (SOL) could fall even further in value as investors worldwide are seeking a safer form of investment when putting their funds into crypto projects. We saw recently the crash that occurred with Terra (LUNA) and the de-pegging of UST leading to an almost 100% loss for most investors. This sparked an uproar amongst the crypto community thus wanting to back projects that have real assets behind them like Chronoly.
Chronoly is the world's first fractional watch investment marketplace developed on the blockchain. Anyone can invest in NFT fractions of luxury watches from Audemars Piguet, Patek Phillippe, Rolex, Richard Mille, and other global brands for as little as $10.
Chronoly ensures that watches deposited in the vaults are certified and authenticated before creating NFTs and dividing them into fractions. Potential investors can then purchase NFTs of these watches to gain partial ownership of the underlying luxury watch.
CRNO token is Chronoly's native token, which is currently in presale stage phase one at a price of $0.02. Chronoly has already risen 100% since its launch. Token holders can stake their CRNO tokens in the platform's lending pool to receive staking rewards, take place in a monthly lottery draw and receive tier-based discounts on storage, transaction, and club membership fees. Analysts worldwide are predicting an increase of over 500% in the price of the CRNO token during the pre-sale alone.
For more information about the Chronoly token:
Website: https://chronoly.io/
Presale: https://presale.chronoly.io/register
Telegram: https://t.me/Chronolyio
Twitter: https://twitter.com/Chronolyio
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
