Cronos is currently on the bullish wave and is posting significant gains despite the overall market momentum slowing down. According to CoingeckoThe token has risen more than 12% since last week, going against the overall market momentum.
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This week, Cronos has been attracting interest from investors as it builds momentum for the upcoming Cronos zkEVM mainnet alpha release on August 15.
Cronos zkEVM to be launched with major partners
The official Cronos X account has announced that the mainnet of its upcoming zkEVM Cronos will be launched in its alpha stage on August 15th next week. This will be the platform’s dedicated layer 2 for Ethereum, leveraging Ethereum’s security while maintaining the interoperability of the Cronos chain.
The Cronos zkEVM public mainnet (alpha) launch date is scheduled for August 15.
Cronos’ newest, future-proof blockchain network is almost ready to go live. On August 15, users will be able to connect their wallet, transfer funds, and use a growing number of decentralized applications (dapps).
What are… https://t.co/aYOdM7FKAS image.twitter.com/UM3zPWJfO3
– Cronos (@cronos_chain) August 8, 2024
Cronos also secured several launch partners for zkEVM, each of which will help improve user convenience as developers work out L2 issues in the first couple of months. Partners like Win network and Python Network It will allow users to use the alpha mainnet with little to no issues.
Eli5DeFi also released a post explaining the advantages of the upcoming layer 2. With Cronos zkEVM’s high throughput, native account abstraction, shared liquidity, and native yield-generating assets, the platform is poised for a good time on launch day.
Like the @cronos_chain The mainnet launch is approaching, let’s review what sets Cronos zkEVM apart.
Dive into our full breakdown in the post above!
Learn more here ⬇️https://t.co/lXeHxKBRH9 https://t.co/ZOhxuwTAnh photo.twitter.com/xVtfye8BnU
— Eli5DeFi (@eli5_defi) August 8, 2024
Launch week could bring some gains for CRO
CRO bulls are currently attempting to break above the $0.0950 ceiling after surging higher yesterday due to positive on-chain news. At this point, the token will have strong bullish momentum once the next week begins.
In macroeconomic terms, the market continues to have a significant influence on CRO despite the network announcement. At the time of writing, the market has plateaued and returned to pre-crash levels. This relative stability can prove positive or negative for CRO and the market in general.
Its relatively significant correlation with Bitcoin could shed some light on its performance, which in turn gives CRO a relationship with traditional finance. Since the market remains positive about the state of the economy, it might seem logical that a sharp rise in private equity prices would translate into gains for CRO and the cryptocurrency market as a whole.
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As the market Publications With modest gains after the rally, CRO is in an excellent position to capture value and momentum coming in and out of its network and the momentum of the overall market.
Investors and traders should be advised that investing in CRO now, before the upgrade, is for the long term as anything can happen in the market and on the day of the Cronos zkEVM launch. However, if the optimism continues, we may see the token rise above $0.1223 in the long term.
Featured image from Forbes, chart from TradingView
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