On-chain Crypto (XCN) Plummets 50%; can you go back up?

While the global crypto market resumed its slide on Tuesday morning, the Chain (XCN) crypto gained strong traction early on, with volume soaring more than 200%.

The overall market was down 2.61% at $950.85 billion. In the last 24 hours to Monday morning, it fell below the $1 trillion mark for the first time since early 2021.

The drop follows a series of negative developments over the last month.

The collapse of stablecoin Terra last month, the withdrawal freeze on cryptocurrency Celsius (CEL) on June 13, and other adverse trends have dented investor sentiment.

Also read: Why is the WOO Network (WOO) cryptocurrency generating interest?

There are currently more than 19,700 cryptocurrencies in the world. However, not all crypto assets have performed poorly.

Chain (XCN) was one of them. Although its price fell by around 58% to $0.05809 at 5:37am ET, its trading volume soared more than 200%. Ongoing contracting for the project shows it is in expansion mode, which may have buoyed investor sentiment.

Let us understand more about the crypto chain.

What is chain (XCN)?

Chain is a cloud blockchain infrastructure that enables organizations to create better financial services. Its Chain Core platform offers a “permissioned” open source blockchain and accounting-as-a-service product called Sequence.

Institutions can launch or operate a blockchain network or connect with other networks through Chain Core. It defines the way assets are issued, transferred, and controlled on a blockchain network. The chain protocol allows a single entity to operate the network, support multiple assets, and interoperate with other networks.

Also read: What is Bluzelle Crypto (BLZ) and why is it up 40%?

While Chain Core is enterprise software that implements the Chain Protocol, Sequence is an accounting-as-a-service product. It helps organizations securely transfer financial assets over public networks and manage funds in a tokenized format on private ledgers.

Also read: Why is Xtra Fund (XTRA) cryptocurrency rising over 110%?

Chain Crypto (XCN)Data source:

Also read: Why is the AMM Ellipsis (EPX) token rising?

XCN Token:

The XCN token has a market cap of $1.2 billion. Its current circulating supply is 21.47 billion, and the total supply is 53.47 billion. It can be traded on exchanges like KuCoin, CoinTiger, MEXC, ByBit, and DigiFinex.

Also read: Why did the Cube Network (CUBE) go against the crypto trend? zoom 48%

Bottom line:

The Chain cryptocurrency, launched in 2014, has helped build blockchain networks for Visa, Nasdaq, State Street, Citibank, etc. The token price of this blockchain infrastructure provider fell by more than half on Tuesday for no apparent reason. The crypto market is volatile; investors should exercise due diligence before investing in digital assets.

Risk Disclosure: Cryptocurrency trading involves high risks, including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Cryptocurrency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience and risk appetite, and seek professional advice when necessary. necessary. Kalkine Media cannot and does not represent or warrant that the information or data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage resulting from your dealing with or your reliance on information shared on this website.

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