The first blockchain technology to enable DeFi and Metaverse on top of both the Cosmos and Ethereum platforms is Cronos. By giving developers the option to rapidly move applications and digital assets from other networks with minimal expense, great throughput, and quick finality, it seeks to dramatically expand the Web3 user base.
Ethermint, the technology that powers Cronos, enables quick app and consensus protocol migration from networks that are interoperable with Ethereum. CRO is the native coin of its parallel network, the Crypto.org network. Will Cronos grow or not in 2023? Let us see from this post below.
Will Cronos Grow Or Not In 2023?
Cronos, a completely decentralized, accessible, and energy-efficient public network with fast speed and affordable charges, may be interoperable with and bridged thanks to the IBC system, which was developed from the very beginning. Additionally, it enables decentralized communication with other networks, such as Terra and Cosmos Hub.
A virtual machine that is designed for interoperability provides quick finality, large throughput, and fewer charges. The Crypto.org crypto, or CRO, changed its name to Cronos in February of last year. The new identity was intended to symbolize the expansion of the entire ecosystem, based on a forum post.
By being more than just a utility currency on a well-known crypto network, CRO strives to grow. In order to compete in the growing decentralized finance, Web 3, and other cryptocurrency businesses, Crypto.com intends to establish itself as a participant of the other networks. However, not many networks are interested.
Sponsorships Of Crypto.com
In order to build its brand and draw in new clients, Crypto.com has made significant promotional investments. Along with purchasing the Staples Center rights for naming, Crypto.com also included a global advertising campaign featuring Matt Damon. In several cryptocurrency exchanges, the CRO coin has produced a well-known Super Bowl commercial.
Most notably, Crypto.com signed on as a primary sponsor in Qatar for the FIFA 2022 World Cup Championship. Additionally, it has sponsorship agreements in a number of sports, such as Formula 1 and Basketball. It’s important to note that despite its active advertising, CRO has not reached the top 10 cryptocurrency trading platforms.
Many investors trust these 10 crypto exchanges and the cryptos they are trading with. This is a demerit for the CRO coin. Anyone can add Cronos wallet to MetaMask if they want better adaptability for the CRO coin. Our analysis shows that Cronos could achieve a price ceiling of $0.16000 next year.
The Next Anticipation
It may maintain the average worth of $0.14316 as it keeps hitting record levels. The lowest price CRO could achieve next year, in the event of a bearish trend, is $0.125000. As cryptocurrency acquires popularity across a wide range of industries in 2024, I anticipate Cronos to have tremendous growth.
Although Cronos didn’t fare particularly well in 2021, it nevertheless had substantial growth. CRO increased by nearly 850% during the year, finishing as the 21st largest cryptocurrency by market valuation. Like several cryptocurrencies, this year hasn’t exactly been a standout. CRO’s performance this year has decreased by 60%.
Staking CRO has several advantages. To begin with, CRO provides greater interest rates. If you own a debit card from its platform, you may also be eligible for greater cryptocurrency incentives. But keep in mind that these further benefits aren’t permanent. Yes, they are temporary.
What Made It Decline?
Following the company’s announcement that some staking incentives will be eliminated, CRO has experienced a sharp decline. The choice has since been reversed, and the incentive rates have been cut. A “vocal” protest prompted the u-turn. The modifications serve as proof that the ecosystem can alter its objectives at any time.
We may argue that 2023 will be a strong year for Cronos thanks to ongoing network advancements. Because of that, $0.2439 is the optimistic price forecast for the CRO coin this year. The bearish forecast for the CRO coin in 2022 is $0.0583 for the next year.
One of the altcoins that gained the most last year appears to be Cronos (CRO). Cronos is seen as a strong investment in 2023 based on its recent successes. This year is not good even for Bitcoin and Ethereum. However, we could see a surge in 2023.
Final Thoughts
Will Cronos grow or not next year? From this post, you have seen that it will grow. However, this growth is now better than the growth of other cryptocurrencies. You can look for Polkadot, Solana, and Cardano as they are better options for staking. The Cronos wallet Trust wallet trend was popular earlier.
On two grounds, the choice to reduce compensation for CRO owners is concerning. First off, nothing prevents the business from cutting incentives even more ahead. Secondly, it could indicate that Crypto.com overstretched itself with high-profile marketing and is now unable to survive. This may ultimately drown the growth.
