Why Crypto.com Coin (CRO) Has Grown Over 180% In One Month

[ad_1]

Crypto.com Coin (CRO) just hit a new high of $ 0.5931 before falling back slightly. Indeed, the CRO rose 28% yesterday according to data from CoinMarketCap. The increase stands out because it goes against the grain of crypto – there has been a general pullback in crypto prices in recent days.

This means the coin has risen over 180% over the past month and over 800% since the start of the year. If you had bought $ 1,000 from CRO on January 1, it would be worth over $ 9,000 today.

So what is the CRO token and why is it on the rise?

What is the CRO?

Crypto.com is a popular cryptocurrency exchange with over 10 million users worldwide. CRO is its token, which clients can use to get discounted trading prices and qualify for better rewards.

CRO is available in some of the best cryptocurrency apps and exchanges, such as Coinbase and (unsurprisingly) Crypto.com. But several exchanges don’t list native tokens from other platforms, so CRO is not as easy to buy as other popular cryptocurrencies.

What is driving the price increase?

There are two main reasons for the positive movement of the Crypto.com coin:

1. Staples Center will soon be renamed Crypto.com Arena

Crypto.com made headlines yesterday with news that the company had purchased the naming rights for Staples Center. Starting on Christmas Day, the iconic venue for sports and entertainment will be renamed Crypto.com Arena. News reports suggest the 20-year deal cost $ 700 million.

It will also make Crypto.com an official partner of the Los Angeles Lakers and the LA Kings, both of which reside at Staples Center. Crypto.com already has a range of sports partnerships including Formula 1, NBA Philadelphia 76ers, NHL Montreal Canadiens, and some European football teams.

2. Matt Damon is the face of his new ad campaign

In late October, Crypto.com launched a global advertising campaign featuring Oscar-winning actor Matt Damon. The ad, titled “Fortune favors the brave,” focuses on what human beings have achieved throughout history by daring to pursue their dreams.

The campaign’s launch on October 28 marked the start of a steady rise in CRO prices.

Should you buy CRO?

If you are a Crypto.com user, there may be some benefits to owning and staking CRO. Staking involves tying your coins to a platform to earn rewards. CRO holders can earn better spending rewards on their Crypto.com Visa debit cards, better interest rates on Crypto.com earning product, and lower trading fees.

However, if you are buying CROs only as an investment, here are a few things to consider:

Be careful when buying a coin that has just hit an all-time high. The cryptocurrency market is rife with speculation, which can often push a coin’s value to unsustainable levels. The CRO may continue to rise, or it may stabilize around this price. But it could also fall next week. If you are buying with the expectation of another 180% gain in 30 days, you may want to think again. Research the coin carefully to understand its long term potential. Look at the management team, what problem the coin solves, how many people might want to use it, and understand how the token works. Take a look at Crypto.com’s competitors and understand the strengths and weaknesses of each. Prior to October, the Crypto.com coin had not performed as well as other exchange tokens. To give you an idea, between January 1 and September 30, the CRO increased by 156%. FTX’s token, FTT, rose 766% and Binance’s token, BNB, rose 884% for the same period. This could mean that the CRO still has room to grow, but it’s important to understand what held it back before and how it might stand out from the competition in the future. Be aware of the potential impact of future regulations. Stricter cryptocurrency regulation in the United States is now inevitable, but it’s unclear what form it will take. It seems likely that cryptocurrency exchanges and the decentralized finance industry will be affected, especially if they have to follow stricter banking rules. Only invest money that you can afford to lose. Before investing any money in the Crypto.com coin, make sure your emergency fund is topped up and your retirement savings are good. Cryptocurrency investments can be very volatile and risky, so it’s important to cover your other financial bases first and only invest with money you can live without. That way, if the price of CRO drops dramatically, it will be disappointing, but it won’t have too much of an impact on your overall financial situation.

As an investor, it can be difficult to assess what is a fairly new and untested market. Like many cryptocurrencies, exchange tokens like CRO have made significant gains this year. This has prompted many experts to warn that this is a bubble that may burst soon. Others predict that this is just the beginning.

Ultimately, only you know your investment strategy and risk tolerance. But, a long-term buy and hold approach can certainly help navigate the often choppy waters of crypto. Looking ahead to five or even ten years of your investments makes it easier to avoid short-term speculation and deal with market fluctuations. It also encourages you to spend time choosing the tokens that you think will perform well in the long run.

[ad_2]