Despite Declining Crypto Volatility, This Token Just Surged 7.5% Today
Surprisingly, the last few weeks have been relatively quiet in the cryptocurrency world. Today is no exception, with a stable global market at the time of this writing. That said, one crypto project is generating significant buzz, with it rising 7.5% in the past 24 hours as of noon ET on Thursday.
This project is Chain (XCN 8.24%), among the 50 least known crypto projects in the world. It focuses on blockchain cloud infrastructure, enabling institutions to use blockchain to move assets around the world. As such, Chain has garnered considerable interest amid a rush for central bank digital currencies (CBDCs) around the world.
One of the reasons why Chain is relatively unknown is its recent launch in the first quarter of this year. That said, it’s one of the few projects that’s actually even higher than when it launched. Given the impressive decline we’ve seen in the sector this year, this is something crypto investors will want to pay attention to.
The chain’s status as part of the plumbing (or financial rails) needed to make institutional adoption of crypto a reality provides a key growth thesis investors can jump on. Various announcements made in recent months by central banks around the world exploring CBDCs could further enhance Chain’s value over time. And the demand for institutional-grade blockchain solutions is expected to increase over time. The channel could play a vital role in making this transition possible.
Long-term, skating towards the direction of the puck is what most crypto investors (and all investors, for that matter) care about. Chain’s cloud-based infrastructure solutions certainly make a compelling case for long-term growth investors looking for a niche. projects to bet on.
This project is not exempt from the myriad of macro and sector risks that crypto projects as a whole face. That said, as far as a high-potential growth project goes, this is one I recently put on my radar.
Chris MacDonald has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.