Avalanche (AVAX) and ChainLink (LINK) have both been hit by the recent market downturn. Avalanche traded at highs above $130 but has now dumped to a price of $18. ChainLink (LINK) has also seen its value collapse with the coin hitting highs of $50 last year and now trading at $7. Despite the market pressures ChainLink should recover as its Oracles are still in demand.
The path for Avalanche is less clear as the DeFi market may find it hard to recover in the high interest rate environment. Chronoly.io is a new project that can help investors diversify their crypto investment goals. With a decentralized platform for investments in luxury watches, the Chronoly CRNO token will benefit when more investors become aware of the project. The CRNO token has rewarded early investors with a move from $0.01 to $0.05 but the real gains could be ahead.
Avalanche (AVAX) Hit by DeFi Market Collapse
Avalanche has had to distance itself from the troubled Three Arrows hedge fund. The AVAX developers said in a tweet that Three Arrows never had control of Avalanche’s treasury. The statement comes after Three Arrows failed to meet margin calls and faces liquidation. The threat for Avalanche is that Three Arrows will be forced to dump its stake in the project. The problems at the fund are increasing the downside for projects like Ethereum and Avalanche is at risk of further losses.
ChainLink (LINK) Oracles will Still Be in Demand
ChainLink (LINK) has also been hit by the bear market but unlike some other projects it is business as usual at LINK. The project is still seeing demand for its pricing Oracles despite the downtrend. Moonbeam, which is a popular Polkadot parachain, announced that it will integrate the Chainlink pricing feeds into its smart contracts. Moonbeam developers can now leverage the oracle network to access secure price data and the project adds to the list of many that have utilized the ChainLink platform.
Chronoly.io could be a Safe Haven from Market Pain
Chronoly.io is a new project and investors are considering it in these troubled times as they look for crypto projects tied to real-world assets. Funds like Three Arrows are being forced to liquidate investments and other altcoins are at risk of being dragged down by liquidations from big institutions.
Chronoly has created a NFT trading platform for luxury watch investment that will allow investors to authenticate and trade Investment grade Luxury watches in the same way they would trade stocks.
Chronoly mints NFTs for each luxury watch that is held in its vault and fractionalises the NFT allowing anyone to own part of a luxury watch like a Rolex. Many projects are struggling because they do not have any tangible assets or real world utility and Chronoly brings the best of both worlds. The project’s CRNO token can be staked for a passive income and that will also defend crypto investors from rising interest rates and inflation. Some analysts have predicted a price target of 5,000% for CRNO over the longer-term. Investors who like to invest in projects early before they catch mainstream attention, could look to add Chronoly.io to their watchlist.
More information about the Chronoly.io presale here: