The in-house CryptoCom Token CRO recorded a new all-time high. How can the steep price increase be explained?
As the entire crypto market scratches at the $ 3 trillion mark again, altcoins are on the run. The in-house coin from CryptoCom recorded a new all-time high of around $ 0.41 on November 8th. The CRO price rose by over 15 percent in the last 24 hours and thus landed in 25th place in the ranking of the most valuable crypto currencies. Looking at the week, the price increase is even steeper: the price of the exchange coin has risen by almost 90 percent almost doubled. The market capitalization of the cryptocurrency is valued at over 10 billion US dollars. Although CRO is not a real “New Coin on the Block” in the crypto sector, it feels a bit like that – the coin has been able to sprout too quickly, and is now growing beyond the previous CryptoCom limits on other trading platforms.
Be close to your friends, but even closer to your enemies
Only four days ago the CryptoCom token reached a new all-time high at around 0.30 US dollars. Although it is difficult to establish a clear causal link between events in crypto space and the rise in the price of the coin, there is certainly some speculation.
Accordingly, the crypto exchange announced Coinbase the day before that she wanted to include the CryptoCom coin in her portfolio. The Ethereum-based token reacted quickly with an upward trend.
One might ask why Coinbase want to support a main competitor’s coin? In the publication However, the quarterly results in August of this year, the crypto exchange platform already announced its battle plan for the future. Coinbase CEO and Co-Founder Brian Armstrong stated that the company wants to be the “Amazon of Assets” and announced the intention to “list all legal cryptocurrencies”. Accordingly, Coinbase does not stop at the token of the competition.
Cronos Mainnet Beta Launch
The recent soaring of the CryptoCom token can probably be traced back to the beta launch of the Cronos Mainnet on November 8th today. The project paves the way for interoperability between decentralized applications (dApps).
Cronos describes itself as “the first Cosmos EVM chain for DeFi, NFTs and Metaverse”. The project aims to enable compatibility between the Cosmos and Ethereum ecosystems. To achieve this, Cronos uses the Inter-Blockchain Communication Protocol (IBC) – the heart of the Cosmos blockchain network. The IBC allows the transferability of dApps and NFTs on different blockchains. The project builds a “bridge” between the blockchains, for example to transfer smart contracts from the Ethereum chain to the Cronos network without any problems.
CRO acts as a native token in Cronos and is therefore used to pay network fees, for example.