Cronos surprises with 11% increase

Cronos is currently riding a bullish wave, recording significant gains despite the slowdown in overall market momentum. CoingeckoThe token is up more than 12% since last week, bucking the broader market momentum.

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This week, Cronos has generated investor interest by building momentum for the upcoming Cronos zkEVM mainnet alpha launch on August 15.

Cronos zkEVM Launches with Major Partners

The official Cronos X account has announcement that the mainnet of its upcoming Cronos zkEVM will be released in its alpha phase on August 15. This will be the platform’s dedicated layer 2 for Ethereum, leveraging the security of Ethereum while maintaining the interoperability of the Cronos chain.

The Cronos zkEVM public mainnet (alpha) launch date is scheduled for August 15.

Cronos’ new future-proof blockchain network is almost ready to go live. On August 15, users will be able to connect their wallets, transfer funds, and use a large and growing number of dapps.

What are… https://t.co/aYOdM7FKAS pic.twitter.com/UM3zPWJfO3

— Cronos (@cronos_chain) August 8, 2024

Cronos has also secured a number of launch partnerships for zkEVM, each of which will help improve usability while developers work out L2 issues in the first two months. Partners like Gain network And Pyth Network will allow users to use the alpha mainnet with little to no issues.

Eli5DeFi too released an article explaining the benefits of the upcoming Layer 2. With Cronos zkEVM’s high throughput, native account abstraction, shared liquidity, and high-yielding native assets, the platform is poised for a great time on launch day.

As the @cronos_chain As the mainnet launch approaches, let’s take a look back at what sets Cronos zkEVM apart.

Dive into our full analysis in 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 could generate CRO gains

CRO bulls are currently attempting to break above the $0.0950 ceiling after surging yesterday due to positive on-chain news. Currently, the token will see strong upward momentum once next week begins.

From a macro perspective, the market still has a significant influence on CRO despite the network announcement. At the time of writing, the market has plateaued, returning to pre-drop levels. This relative stability can be either good or bad for CRO and the market in general.

Its relatively high correlation with Bitcoin could shed some light on its performance, which in turn gives CRO a relationship with traditional finance. With the market maintaining a positive stance on the state of the economy, it might seem logical that a sharp increase in private equity prices could translate into gains for CRO and the cryptocurrency market as a whole.

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Like the market Items With modest gains after the rebound, CRO is in an excellent position to capture value and momentum moving in and out of its network and momentum in the broader market.

Investors and traders should be aware that investing in CRO now before the update is a long-term matter as anything can happen in the market and on the Cronos zkEVM launch day. However, if the bullish trend continues, we could see the token break above $0.1223 in the long term.

Featured image from Forbes, chart from TradingView