A bullish start to 2023 thanks in part to Thursday’s CPI data that essentially nailed expectations and provided substance for the strong performance of many crypto assets such as Litecoin and Cronos.
Litecoin (LTC)
Litecoin, the crypto launched by Charlie Lee in 2011, is an open-source project and also a peer-to-peer digital currency that has performed well over the past six months.
The crypto has appreciated by nearly 60% and the new year had also started well with spikes of +10.6% in a single day making it the highest 24-hour growth ever recorded since November last year.
Today’s setback that sees Litecoin lose 1.27% of its value is considered a physiological reversal by analysts and brings the crypto’s value down to €78.28.
The performance pairs with a good market capitalization that touches 5.971 billion or 0.70% of the entire crypto market despite being far from the ATH of €25.609 billion.
Cronos (CRO)
Cronos is the open-source decentralized blockchain which is also the name of its native token.
The Cronos blockchain is characterized by high energy efficiency, fast transactions and low cost.
Cronos promotes creations in the Web3, GameFi, or DeFi that are by positioning itself as a platform for a widespread metaverse.
The company winks at future Web3 users by providing self-custody of digital assets as a reward.
Being compatible with EVM (Ethereum Virtual Machine) which is itself built with Cosmos, Cronos, gives the ability to import crypto from Ethereum or other compatible chains.
In the year just ended, Cronos lost 90% in line with what happened to most cryptocurrencies with two months of the year crucial to the poor performance.
May and November catalyzed the losses, which were 47.70% and 42.77%, respectively.
Both months witnessed financial disasters for the crypto world, the substantial demise of Terra Luna in May and the failure of FTX and Alameda Research in November.
The damage done by Sam Bankman-Fried was greater not so much from the economic point of view of value per se but for the image damage, it brought to the entire industry and in particular to the credibility of the exchanges.
Crypto.com for its part has never encountered solvency problems and has proven strong at a time when many exchanges have come close to bankruptcy due to the “run on the counter.”
Cronos (CRO), started the year by restarting from the area of the lows a month ago with a daily trading volume of US$12.2 million.
Today the token is trading at $0.06863 with volume slightly down on the daily.
There are more than 25 billion CRO in circulation to date against a maximum supply of 30.26 billion.
If Cronos were to break downward by going to breach the $0.052 level, a downward spiral could be triggered that would take CRO straight to the underlying area between $0.019 and $0.021.
By contrast, the bullish scenario would find the last resistance at $0.63, a value that the token has already pierced but must find confirmation and strength over time.
