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Is Cronos a Good Investment As TVL Climbs to $2.4B?

 


Cronos price has been moving sideways for the past few days despite accelerating its ecosystem growth. CRO is trading at $0.4170, where it has been for the past few days. It's about 65% off its all-time high, bringing its total market cap to about $10 billion.


Crypto.org Chain Ecosystem Growth

Cronos, formerly known as Crypto.com Coin, is the cryptocurrency for Crypto.org's smart chain. It is simply a smart contract platform similar to Avalanche, Ethereum and Fantom.


In the past few weeks, the Cronos ecosystem has grown a lot as developers have embraced it. Its total value (TVL) rose to over $1 billion in one month and is currently around $2.44 billion, which is a record high.


Most of this growth comes from VVS Finance, the largest app in its ecosystem. VVS is a DeFi trading platform that allows people to swap and trade their coins. It also has an earning feature that allows people to earn money by providing liquidity to the network. For example, it has over $263 million in deployed liquidity for the CRO-ETH pair.


Other leading DeFi platforms in the Cronos ecosystem are MM Finance, Tectonic and MM Optimizer with a TVL of over USD 100 million. Others up and coming are Beefy Finance and Autofarm.


Analysts believe that Cronos has a good chance of becoming a successful rival to Ethereum due to its strong performance. Also, the platform is significantly faster and transactions in its ecosystem are cheaper. Additionally, the team behind Cronos will expand its marketing strategy to strengthen the ecosystem.


The next major catalyst for Cronos price will be Friday's upcoming US Non-Farm Payrolls (NFP) data.



The daily chart shows that the CRO price has been range-bound for the past few days. It's down more than 60% since its peak in 2021. At the same time, it has formed a triangle pattern and is currently trading along the 25-day and 50-day moving averages.


As such, Cronos' outlook at this point is neutral with a bearish bias. If the triangle pattern approaches its confluence level, there are chances for the coin to retest the key support level at $0.30.

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