CRO just hit a new all-time high — should you buy?
- The Crypto.com Coin rose almost 40% yesterday on news it had bought the naming rights to the Staples Center. On Christmas Day, the Staples Center will be renamed the Crypto.com Arena.
- Until now, CRO has not performed as well as other exchange coins. But it is now bucking the overall downward price trend.
- Increased crypto regulation could have a big impact on CRO’s price.
The Crypto.com Coin (CRO) has just reached a new all-time high of $0.7977 before reversing. According to CoinMarketCap data, CRO increased by 40% yesterday. The rise sticks out because it goes against the current of crypto prices, which have been falling in recent days.
It implies the coin has increased by more than 180 percent in the last month and by more than 800 percent since the beginning of the year. If you had invested $1,000 in CRO on January 1, it would now be worth more than $9,000.
So, what exactly is the CRO token, and why is it so popular?
What exactly is CRO?
With over 10 million customers globally, Crypto.com is a prominent cryptocurrency exchange. CRO is the company’s token, which customers can use to gain lower trade prices and better benefits.
Some of the most popular cryptocurrency platforms and exchanges, including Coinbase and (unsurprisingly) Crypto.com, offer CRO. CRO isn’t as easy to buy as other prominent cryptocurrencies because numerous exchanges don’t list the native tokens of other platforms.
What is causing the price increase?
The upward movement of Crypto.com currency can be attributed to two factors:
- The Staples Center will be renamed the Crypto.com Arena in the near future.
The revelation that Crypto.com had purchased the naming rights to the Staples Center made waves yesterday. The legendary sports and entertainment arena will be renamed the Crypto.com Arena as of Christmas Day. According to press sources, the $700 million contract was signed for a period of 20 years. Crypto.com will also become an official partner of the Los Angeles Lakers and the Los Angeles Kings, both of which play at the Staples Center. Formula One, the NBA’s Philadelphia 76ers, the NHL’s Montreal Canadiens, and various European soccer teams are among Crypto.com’s existing sports agreements.
- Matt Damon is the new face of the company’s advertising campaign.
Crypto.com began a global advertising campaign with Oscar-winning actor Matt Damon at the end of October. The commercial, titled “Fortune Favors the Brave,” celebrates what people have accomplished throughout history by following their ambitions.
The campaign’s introduction on Oct. 28 signalled the start of a continuous price increase for CRO.
Should you invest in CRO?
Owning and staking CRO can be beneficial if you use Crypto.com. Staking is the process of tying your coins to a platform in order to collect incentives. CRO holders can get better spending incentives on their Crypto.com visa debit cards, lower trading costs, and better interest rates on the Crypto.com earning product.
If you’re buying CRO just for investment purposes, there are a few things to keep in mind:
- When purchasing a coin that has recently reached an all-time high, proceed with caution. The cryptocurrency market is riddled with speculation, which can drive the value of a coin to unsustainable heights. CRO may continue to grow, or it may find a price floor around this level. However, it is possible that it will collapse next week. You might want to reconsider your purchase if you’re hoping for another 180 percent rise in 30 days.
- To comprehend the coin’s long-term potential, do some research. Examine the management team, the coin’s solution to a problem, the number of people who would want to use it, and the token’s functionality.
- Examine Crypto.com‘s rivals and learn about their strengths and flaws. The Crypto.com coin had not done as well as other exchange tokens prior to October. To give you an indication, CRO increased by 156 percent from January 1 and September 30. For the same period, FTX’s token, FTT, was up 766 percent, while Binance’s token, BNB, was up 884 percent. That could indicate that CRO still has room to expand, but it’s critical to understand what has held it back in the past and how it can differentiate itself from the competition in the future.
- Be mindful of the impact that upcoming regulations may have. In the United States, stricter cryptocurrency regulation is now unavoidable, but it is unclear what form it will take. Exchancing cryptocurrency appears to be a foregone conclusion.
- Only put money into the market that you can afford to lose. Make sure your emergency fund is topped up and your retirement funds are in good shape before investing in Crypto.com’s currency. Cryptocurrency investments can be extremely unpredictable and hazardous, so be sure you’ve covered all of your other financial bases first, and only invest money you can live without. If CRO’s price drops drastically, you’ll be disappointed, but it won’t have a significant impact on your overall financial condition.
It can be difficult for an investor to assess a market that is relatively fresh and unproven. Exchange tokens like CRO, like many other cryptocurrencies, have seen strong gains this year. As a result, many experts are warning that this is a bubble that will soon burst. Others believe it is only the beginning.
Finally, only you are aware of your investment strategy and risk tolerance. A long-term buy-and-hold strategy, on the other hand, can help you manage the frequently stormy crypto waters. It’s easier to avoid short-term speculation and ride out market changes if you have a five- or even ten-year investment horizon. It also encourages you to take your time selecting the tokens you believe will perform well in the long run.
Hundreds of platforms are waiting to provide you access to thousands of cryptocurrencies all across the world. And, in order to select the one that’s ideal for you, you’ll need to figure out which features are most important to you.