Why Crypto.com Coin, Harmony, and Alien Worlds All Hopped Today

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What happened

Some high-profile altcoin cryptocurrencies are having a great day ahead of the Thanksgiving holiday in the United States as traders bid on speculative assets.

The biggest move today was Harmony One (CRYPTO: ONE), which has jumped 33.9% in the past 24 hours and is up 30% as of 12:45 p.m. ET. Alien Worlds (CRYPTO: TLM) rose 19.2% and is now up 13.3%, while Crypto.com Coin (CRYPTO: CRO) rose 15.9% and is now up 11.3% , 8%.

Image source: Getty Images.

So what

Crypto.com’s marketing campaign continues to bear fruit as the value of its cryptocurrency increases. Earlier this week, Crypto.com signed a 20-year, $ 700 million deal to name the former Staples Center in Los Angeles. The deal may seem like a big deal, but considering that crypto.com Coin’s market cap is now around $ 24 billion and growing rapidly, it seems like a good move just to make the advertising.

Unemployment claims were also at their lowest level since 1969 at 199,000 last week, a bullish indicator of consumer spending. It could help cryptocurrencies by giving people more income available to invest or boost inflation, which some believe can be covered by cryptocurrencies.

The other big factor that can cause asset price volatility this week is the long Thanksgiving holiday. Traders who manage billions of dollars often take time off during a week like this, which can lead to increased volatility. In a volatile market like cryptocurrency, this can drive the fluctuations crazy on a daily basis.

Now what

Aside from the heightened awareness of Crypto.com this week, there are no big news engines for cryptocurrencies. The job market continues to improve, inflation remains a potential problem, and developers continue to create new ways to boost the utility of cryptocurrencies over the long term.

What we don’t know yet is how many cryptocurrencies will be worth as the industry matures. I think it’s likely that only a few cryptocurrencies that can build up a large user and developer base will last, which is why there is an arms race among altcoins today. The winners have a lot to gain while the losers could go to zero.

It’s far too early to see how this will play out, but building a user base is the reason Crypto.com is spending $ 700 million to build brand awareness. What is certain for now is that the volatility will continue and for today, it works in favor of these altcoins.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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