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Cronos Chain Mainnet Upgrade Announcement Pushes CRO Prices Higher

Cronos (CRO), the 24th-ranked cryptocurrency by market cap and the native token of the Crypto.com exchange, is among the top performers on the weekly chart and has made a significant gain of 10.02% over the past day. However, the announcement of the upcoming Cronos Chain mainnet upgrade is one of the main drivers of CRO’s strong performance.

The first blockchain network to enable DeFi, NFTs, and the metaverse on top of both the Ethereum and Cosmos ecosystems is Cronos. By giving developers the option to rapidly move applications and digital assets from other chains with minimal cost, high throughput, and quick finality, it seeks to expand the Web3 user base dramatically.

The price of Cronos is currently $0.146602, with a stunning increase of 716.64% in trading volume over the last day, reaching $163,572,518. According to Coinmarketcap’s data, its market worth is currently $3,836,821,843 and has increased 10.56% over the past 24 hours. Moreover, CRO has risen by 10.26% over the past 24 hours and 26.5% over the last seven days.

Since its ATH price of $0.965407 approximately eight months ago, the coin has fallen by 84.7%. CRO reached its highest point in November 2021 but then began declining. In January 2022, CRO dropped to $0.34, but it rapidly rose to $0.541955 on February 9. After that, the price fluctuated between $0.35 and $0.50 in March and April.

CRO is currently trading at $0.1510 on the daily chart | Source: CROUSDT From Tradingview

Unfortunately, the price kept falling steadily from May, hitting a low of $0.16267 for the month before decreasing to $0.10049 on June 18. The price fluctuated throughout July between $0.10 and $0.12, but it finally concluded the month with a slight gain in value at $0.135367.

Cronos Chain Mainnet Upgrade

In a blog post on August 1, Crypto.com revealed that the Cronos Chain’s next Mainnet Upgrade would occur at the height of block 3,982,500, set on August 3, 2022, 02:00 UTC. This upgrade includes a number of changes, the main goal of which is to increase network scalability and make system improvements.

The blog post also states:

To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals of CRO and all CRC20 tokens in both the Crypto.com App and Exchange during the network upgrade.

Additionally, it ensures that trade in CRO and CRC20 coins won’t be impacted. When the network appears to be stable, they will restart deposits and withdrawals after closely monitoring the situation.

On their blog post on Medium, the Cronos team also made this announcement yesterday:

We are proposing a network upgrade for the Cronos mainnet beta to take place on August 3, 2022. On that date, node operators will need to upgrade their cronosd binary to the latest version at a specific block height.

According to their statement, all node operators will upgrade their node binary after the upgrade block height so that their node can keep up with the chain. The bulk of the validators will be updated before the chain is paused and brought back online.

Featured image from Flickr, chart from Tradingview.com

 

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Bitcoin Impressive July Recovery In The Midst Of An Ongoing Crisis

Despite the ongoing crisis, which includes high-profile bankruptcies, problems with crypto lenders, and worries about inflation and rising interest rates, Bitcoin, the leading cryptocurrency, rebounded from its 2022 June lows. It finished July with an impressive recovery to the $24,000 threshold.

The months of June and July 2022 on the cryptocurrency market were heated downtrends. Some investors lost their faith in these months due to a painful deleveraging process brought on by a liquidity problem in the crypto lending industry in 2022.

Related Reading : TA: Ethereum Consolidate Gains, Why This Support Is The Key

Several lenders, including Celsius, Vauld, and Zepmix, banned withdrawals due to the severe market sell-off of significant cryptocurrencies, resulting in job losses throughout the cryptocurrency sector.

However, the crypto winter was partially over for investors in July, but a slew of high-profile bankruptcies indicates that things aren’t quite back to normal for them just yet. 

Like, crypto lender Voyager Digital was compelled to seek Chapter 11 bankruptcy protection on July 6 following the collapse of the $10 billion cryptocurrency hedge fund Three Arrows Capital (3AC) in June.

Nevertheless, with Bitcoin rebounding, crypto investors feel a slight sparkle after coping with all of these catastrophes. Moreover, the cryptocurrency market bounced back in July following its disappointing result in June. 

Bitcoin is currently trading at $23,429 on the daily chart | Source: BTCUSDT From Tradingview

In addition, the Federal Open Market Committee (FOMC) increased its federal fund’s rate goal by 75 basis points (bps) in order to counter 40-year high inflation, which is one of the factors that helped boost cryptocurrency prices in the last week of July.

Recovery Of Bitcoin From June’s Low Price Analysis

In July, the cost of BTC increased by about 20%. That represents the best gain since October. As we entered August, the price of Bitcoin was almost around $24,000. BTC is currently trading at $23,045.40 and has had an 11.78% increase in trading volume over the past 24 hours to $46.89 billion, as shown in Nomics data.

Bitcoin’s price dropped steadily from January to May 2022, hitting a closing price of $47,445 at the end of March before further dropping to $28,305 on May 11.

Bitcoin has not closed below $30,000 since July 2021 up to that point. But on June 13, bitcoin’s price abruptly dropped below $22,000 for the first time since December 2020. Nomics statistics show that on June 17, the monthly low was around $17,675.

Related Reading | Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0

Therefore, the biggest significant monthly decline in the price of BTC since 2011 happened in June, when its market value fell by more than 37.3%, finishing the month at $19,279.

Furthermore, BTC started trading at $19,265 on July 1, then gradually and steadily regained its value. The price fluctuated between $20,000 and $22,000 throughout the first two weeks. But in recent weeks, BTC has seen a stunning rebound, breaking beyond the $24,000 barrier on July 19 for the first time this month.

Featured image from Flickr, chart from Tradingview.com