Cronos is currently riding the bullish wave, seeing significant gains despite the momentum of the final market slowing down. In response to Coingecko, the token is up greater than 12% since last week, going against the grain of the final market momentum.
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This week, Cronos has spurred investor interest because it creates momentum for its upcoming Cronos zkEVM mainnet alpha launch on August fifteenth.
Cronos zkEVM Set To Launch With Major Partners
The official Cronos X account has announced that the mainnet of its upcoming Cronos zkEVM can be released in its alpha stage on August 15 next week. This can be the platform’s dedicated layer 2 for Ethereum, leveraging Ethereum’s security while maintaining Cronos chain interoperability.
The Cronos zkEVM public mainnet (alpha) launch date is targeted for August 15.
Cronos’ newest, future-proof blockchain network is sort of able to go live. On Aug 15, users will have the ability to attach their wallet, bridge funds, and use a big and growing variety of dapps.
What are… https://t.co/aYOdM7FKAS pic.twitter.com/UM3zPWJfO3
— Cronos (@cronos_chain) August 8, 2024
Cronos also secured multiple launch partners for the zkEVM, each of which can assist in improving user convenience because the developers work out the L2’s kinks in the primary couple of months. Partners just like the Earn Network and Pyth Network will enable users to make use of the alpha mainnet with little to no hiccups.
Eli5DeFi also released a post explaining the benefits of the upcoming layer 2. With Cronos zkEVM’s high throughput, native account abstraction, shared liquidity, and native yield-bearing assets, the platform is about to have an incredible time on launch day.
Because the @cronos_chain mainnet launch approaches, let’s revisit what sets Cronos zkEVM apart.
Dive into our full breakdown within 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 Might Post Some Gains For CRO
CRO bulls are currently attempting to interrupt through the $0.0950 ceiling after rising yesterday resulting from the positive on-chain news. Straight away, the token can have a robust upward momentum once next week starts.
Cronos market cap currently at $2.5 billion. Chart: TradingView
Macro-wise, the market still has significant influence on CRO despite the network’s announcement. As of writing, the market has plateaued because it returned to pre-dip levels. This relative stability can turn either good or bad for CRO and the final market.
Its relatively significant correlation with Bitcoin might shed some light on how it should perform which in turn gives CRO a relationship with traditional finance. With the market keeping a positive position on the state of the economy, it might sound logical that a robust increase in prices in private equity might translate to gains on CRO and the crypto market as an entire.
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Because the market posts modest gains after the rebound, CRO is on an incredible position to capture value and momentum moving out and in of its network and the momentum of the final market.
Investors and traders needs to be informed that investing on CRO now before the update is for the long run as anything can occur in the marketplace and on the day of launch of the Cronos zkEVM. Nonetheless, if the bullishness continues we’d see the token breach above $0.1223 in the long run.
Featured image from Forbes, chart from TradingView