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Chain (XCN) Crypto Crashes 50%; can it rise again?

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

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

The decline follows a series of negative developments over the past month.

Last month’s collapse of stablecoin Terra, cryptocurrency Celsius (CEL) freeze on June 13, and other negative trends have weighed on investor sentiment.

Also read: Why is WOO Network (WOO) cryptography attracting 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 the price fell about 58% to $0.05809 by 5:37 a.m. ET, its trading volume increased by more than 200%. The project’s ongoing settings show that it is in an expansion mode, which may have boosted investor sentiment.

Let’s learn more about the chain crypto.

What is Chain (XCN)?

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

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

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

While Chain Core is enterprise software that implements the Chain protocol, Sequence is a Ledger-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 the Xtra Fund (XTRA) crypto up over 110%?

Chain (XCN) cryptoData source: coinmarketcap.com

Also read: Why is the AMM Ellipsis Token (EPX) 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 such as KuCoin, CoinTiger, MEXC, ByBit, and DigiFinex.

Also read: Why did Cube Network (CUBE) buck the crypto trend? Zooms 48%

bottom line:

Launched in 2014, The Chain Crypto 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 warning: Trading cryptocurrencies involves high risks, including the risk of losing some or all of your investment, 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) are subject to change. Before deciding to trade any financial instrument or cryptocurrency, you should fully understand the risks and costs involved in trading the financial markets, carefully consider your investment objectives, level of experience and risk tolerance, and seek professional advice if necessary. Kalkine Media cannot and does not represent or warrant that the information/data available here is accurate, reliable, current, complete or suitable for your needs. Kalkine Media accepts no liability for any loss or damage arising out of your trading in or reliance on the information shared on this website.

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