Cronos’ price plunged to a record low as demand for the cryptocurrency evaporated. The CRO token declined to a low of $0.1058, which was nearly 88% below the all-time high. This decline brought its total market cap to about $2.9 billion. At its peak, Cronos was valued at over $10 billion.
Cronos is a blockchain project formerly known as Crypto.com Coin. Its mainnet was launched in November 2021 and experienced strong growth as the number of developers grew.
Some of the most notable projects built using the Cronos series are projects such as VVS Finance, Tectonic, MM Finance and Single Finance.
The demand for these projects has evaporated over the past few months. This situation intensified after the collapse of Terra and its ecosystem.
According to DeFi Lama, the total value locked (TVL) in Cronos has grown from more than $4 billion to the current $1 billion. The majority of this TVL is in VVS Finance and Tectonic.
Investors have abandoned the DeFi platform simply because the collapse of popular platforms such as the Anchor Protocol meant others could crash as well.
Cronos is also used in the blockchain industry in other areas such as the metaverse and non-fungible tokens (NFTs). Over the past few months, the total volume of NFTs and gaming has declined. For example, there are concerns about whether projects like Axie Infinity will survive.
Cronos’ price has also crashed as investors await an upcoming interest rate decision by the Federal Reserve.
Analysts expect the Fed to continue raising interest rates. Some believe the hike to be 0.75% while others expect a hike of 0.50%. Historically, riskier assets like Cronos have underperformed in periods of higher rates.
chronos price prediction
The daily chart shows that CRO price has been in a strong bearish trend and is now hovering near its all-time lows. The coin is trading below all moving averages and the key support level is at $0.1500. Meanwhile, the RSI and other oscillators have moved below oversold levels.
Therefore, there is a possibility that Cronos price will continue to decline as the bears attempt to break below $0.10.