Crypto.com Chain (CRO) Surges Nearly 40%, Prompting Traders To Abandon Bitcoin
CRO Surges By 37%, Prompting Traders To Abandon Bitcoin
Moments before the opening of European markets, the value of Crypto.com Chain (CRO) soared by 37.33%. Precisely, the CRO was trading at $0.085, a record high price. This represents an almost 100% increase in the value of the coin which has been on the up since the beginning of April. During this period, the coin’s market cap has grown astronomically, growing from $197.5 million to $401.5 million.
At 11 a.m., CRO was going for $0.074, which is 17.6% lower than the record high. Still, this was 16.7% higher than the record set in the previous day. Over the same period, CRO recorded a trading volume worth $3.36 million. Most of the trading activity involved CRO against Bitcoin. This trend was popular in several exchanges including UPbit, Bittrex, and HitBTC.
Notably, the ongoing CRO price surge doesn’t have the backing of strong fundamentals, as was the case in the coin’s bullish run in March. Back then, the value of CRO increased by a remarkable 468% in just a week. It is a mere coincidence that the value of CRO grew by 64% when all the popular cryptocurrencies were plummeting.
The only pertinent development is the relationship between CRO and Binance. Apparently, Crypto.com donated $500,000 to the Binance Charity, prompting Changpeng Zhao, the CEO of Binance, to publicly thank the company. This, in turn, led to a 33% increase in the value of CRO within 24 hours of the appreciation tweet from Zhao.
Lastly, the Crypto.com announced the plan to introduce a CRO staking program which will earn users a 12% reward every year. This program will require users to buy large quantities of CRO tokens to support the Crypto.com blockchain. This announcement is thought to have played a part in the recent surge in the value of CRO.