Simultaneously, Chronoly's CRNO token has also entered the market with a super-affordable price point of $0.01 in the first phase of its presale. Investors now face the dilemma of choosing which of these tokens they should invest in.
Here's some insight you should have about all three products before buying into the dip and investing your hard-earned money.
What is Ripple XRP?
Ripple XRP is a digital currency for transferring funds between individuals or banks through the Ripple network. For instance, if you want to transfer euros to an individual who only uses dollars, you can convert it to XRP on the Ripple network.
XRP has been used as a medium of currency transfer on the Ripple network since 2012. There are around 100 billion XRP coins in total, but not all are in circulation. Up to one billion XRP coins are released every month, and Ripple holds a backlog of 55 billion XRP coins to account for market volatility.
As of 10th May 2022, the price of XRP stands at $0.52
What is Chainlink (LINK)?
LINK is an ERC-20 token that serves as the native token of Chainlink. LINK is used primarily to incentivize users to engage in Chainlink's decentralized network of oracles. Unlike ETHER (Ethereum's native cryptocurrency), LINK uses the proof-of-stake (PoS) consensus method, whereby individuals host nodes and supply data to smart contracts and receive LINK tokens in return.
The LINK token came to market in 2017 at less than 20 cents per token and stayed below the $1 mark till 2019. The price then grew dramatically from 2020 onwards. It was around $2 in early 2020 and rose to $36.83 on 20th February 2021. By 1st March 2021, the price had fallen to just over $10. Since then, LINK has failed to return to a higher market price.
As of 10th May 2022, the price of LINK stands at $8.95.
Why are XRP and LINK on a downward price Trend?
Irrespective of its efficiency or popularity, almost all crypto coins that have been in the market for a while are now facing the following conditions that are causing dips in prices:
- Russia, the third biggest crypto market in the world, has experienced a regulatory crackdown, accelerating the downward trajectory of many cryptocurrencies.
- Interest rates in America have also been rising to stave off inflation, causing investors to panic and hold back from crypto investments.
- China has also prohibited financial institutions from offering crypto transactions and forewarned investors against speculative crypto trading.
Why is Chronoly a good investment right Now?
While all crypto investments come with their own risks, a cryptocurrency entering the market right now will be able to understand the industry's limitations better and find viable workarounds in their initial stages itself.
Chronoly, the world's first blockchain-based fractional watch investment platform, has just entered the market with its token, CRNO, in phase 1 of its presale. Considering the current market conditions, the price of CRNO is at just $0.01 right now.
The Chronoly ecosystem is highly compelling for investors, who can now own a fraction of a luxury watch by purchasing NFTs linked to the physical watch and trading them for increased value. Therefore, experts have predicted a swift rise in the coin's market price and ecosystem value as investors look for less risky asset classes.
In today's ever-changing crypto market, investors want to be a part of value-based projects like Chronoly, where they know that the value of their investment will surely grow — collectible watches will keep appreciating in value irrespective of any other market conditions. On the other hand, currency-style tokens like XRP and LINK are not backed by real assets, so their prices will keep fluctuating based on legislation and predictions from influential individuals in the space. Accordingly, investors are gravitating towards investing in Chronoly (CRNO) over XRP and LINK to earn steadily growing returns from an asset-backed, value-based investment.