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Why is CRO going up? The next 10x coin?

Why is CRO going up

TL;DR Breakdown

  • Crypto.com launched a $100 million global ad campaign featuring the actor Matt Damon.
  • CRO surged more than 100% since it took off from the $0.2040 price two weeks ago
  • Cronos chain Beta version goes live today.
  • All transactions on the Cronos chain are paid in CRO.

Many cryptocurrencies have been on the uptrend over the recent weeks. Amidst the bull market, it’s common to see tokens surge in accordance with the trend in their respective category. For instance, when Shiba Inu began printing higher highs on the price chart, other tokens in the meme-coin category quickly follow suit. The native cryptocurrency of Crypto.com (CRO) is not left out in this escapade as it is having a nice ride alongside other tokens from major exchanges.

What is CRO?

CRO is the native cryptocurrency of the Hong Kong-headquartered exchange Crypto.com which was founded in 2016. The exchange aims to facilitate a seamless payment experience with digital currencies, which is very important to ensure mainstream adoption. So far, Crypto.com supports more than 100 cryptocurrencies. 

The CRO token constitutes an integral part of Crypto.com’s services. It previously was an Ethereum-based cryptocurrency but was recently migrated to Cronos chain, which is the native blockchain network of Crypto.com. This switch unlocked more real use cases for CRO, as it has also become the utility token for Cronos, meaning all currency settlements on the chain will be settled with it.

Presently, CRO is the 23rd-largest digital currency with a market capitalization of over $8.5 billion. Looking at the charts, it’s apparent that CRO has been on the run. 

Price analysis of CRO

At the time of writing, CRO was trading at the price of $0.378777 just after hitting an all-time-high (ATH) of $0.408171 and has retraced about 7.5% to the 0.5 Fibonacci ratios on the 1-hour time frame.

Over the past weeks, the price of the token surged significantly. During the time, the daily trading volumes were soaring to over $661 million, leading up to the ATH, and a market capitalization of around $9 billion.

CROUSDT uptrend move from the 28th October 2021. Source: Tradingview.com
CROUSDT price chart showing an uptrend move from the 28th October 2021. Source: Tradingview.com

Why is CRO going up?

The recent bullish momentum for CRO began on October 28. From a price of $0.1838, CRO surged upward 25% on the daily time frame, beating the previous resistance to a price of $0.2305 before retracing back to the resistance area, which has now turned to support at $0.2040 levels.

CRO has spiked by more than 100% since it took off from the $0.2040 price less than 2 weeks ago. What might be the cause of this significant price movement? To answer this question, one must check back on the marketing/social activities of Crypto.com on or before the day the market rally began.

It’s worth mentioning that Crypto.com is out to expand its reach within and outside the cryptocurrency industry, which is bullish for the native cryptocurrency as well. Recently, it launched a $100 million global ad campaign featuring the actor Matt Damon. In the television ad for Crypto.com, he appears to be touting cryptocurrency’s ability to empower people around the globe with the tools needed to take control of their futures. This marketing campaign aims to reach customers in 20 countries.

Image of a Crypto.com AD, "Fortune favors the brave" SOURCE: Twitter status
Image of a Crypto.com AD, “Fortune favors the brave” SOURCE: Twitter status

On the same day, co-founder and CEO of Crypto.com, Kris Marszalek, was also featured on CNBC where he weighed in on the future of the leading cryptocurrency Bitcoin as an investment and currency. Then, he also talked about Crypto.com’s first global brand campaign, the partnership with Matt Damon, and some other crypto-related topics.

The developmental progress with Cronos Chain could also be a factor behind the recent surge in the market valuation of CRO. Three days ago, the mainnet beta of the Cronos chain was successfully deployed. The community has also held the hackathon session which aimed at covering the entirety of Cronos.

Is CRO the next 10x coin?

One can not say if CRO is the next 10x or 20x or even a 100x coin outrightly until we see its moves for the next one month or more. Guessing that the organic upward surge in the price of CRO is from Crypto.com’s marketing campaign, we expect the run to continue for some time.

The completion of the Cronos is also a factor to consider. The successful launch of the Cronos chain on the mainnet would add more utility to the CRO token because all transactions on Cronos and the Crypto.com ecosystem would be paid in CRO.

Cronos claims to be the first Cosmos EVM chain for DeFi, NFTs, and Metaverse. It aims to help developers with the ability to instantly port apps from Ethereum and EVM-compatible chains, with low cost, high throughput, fast finality, and built-in interoperability.

Final thoughts

Because CRO stands to be the native token for both Cronos chain and Crypto.com, all incentives and rewards on Crypto.com’s ecosystem would be paid out in CRO, and this will increase the demand for CRO tokens and a maybe slow but steady upward move.

 

Joshua Onyemachi

Joshua Onyemachi

Joshua is a passionate content writer focused on the blockchain and cryptocurrency market. As an technical analyst, he is deeply familiar with interpreting price charts of digital currency pairs using both basic and professional tools/indicator to give the best price analysis and gives efficient results unfailingly.

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