Even though one would be inclined to say the bearish pressure is gone from crypto again, there is still a lot of uneasy momentum. A fair few markets are still in the red, whereas most others do not note any spectacular gains. One notable exception in this regard is the Crypto.com Chain price, which simply keeps firing on all cylinders. It is the most bullish market today, and even this past week.
For those unfamiliar with the Crypto.com Chain project, it is easy to explain. Crypto.com, formerly known as Monaco, introduced this new token as part of their push to enable mainstream crypto payments usage. The token is distributed without pre-sale, public sale, or ICO, and is “airdropped” to Crypto.com holders through the native wallet app. Its total supply sits at 100 billion CRO, of which nearly 4 billion are distributed to users at this time.
Over the past 24 hours, the Crypto.com Chain price has risen by another 54% in USD, BTC, and ETH value alike. This is a very bullish sign, although it is not the first major uptrend either. In fact, this project has seen bullish momentum for quite some time now and it seemingly is not relenting. The token is even on the verge of entering the market cap top 20 because of its individual value of $0.097.
Finding reasons for this strong price gain is not all that easy. While it is true CRO is now listed on the Upbit exchange, that alone will not necessarily improve its price by such a matter. To date, CRO was only live on a handful of exchanges, with Bittrex and GOPAX generating most of the trading volume. It will be interesting to see how Upbit performs in this regard, although it is still too early to draw any real conclusions at this time
The Crypto.com team is also quite pleased with their CISO Jason Lau being named Outstanding Financial Technology of the Year in the Data Privacy category. Winning an award is always a major milestone, especially when it comes to cryptocurrency and blockchain companies. It is evident having a strong team on board will help crypto projects advance over time, although there is still a long way to go prior to achieving mainstream traction.
It is also interesting to note this most recent CRO price surge is not just affecting this part of the Crypto.com ecosystem. Statistics seem to indicate the value of MCO is also rising, albeit in a far less telling manner. It is a bit unclear of CRO is dragging MCO up or the other way around at this time. Considering how CRO notes just $4m in trading volume, however, it is certainly possible this market will see a major retrace fairly soon.
Given the way things are going as of right now, it would appear Crypto.com Chain will either enter the market cap top 20, or drop back significantly in the hours and days to come. It is evident this particular uptrend cannot be sustained for a very long period, as the gains are simply piling up too quickly. Investors and holders of CRO will be quite pleased with this trend, for rather obvious reasons.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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