AUS
NZ
UK
CA
USA
IND
With the crypto market turning red on Wednesday, investors are shifting their focus on assets trading in the positive territory. The market fell 1.03% to US$1.91 trillion, while its volume dropped over 20% to US$87.17 billion in the last 24 hours, according to Coinmarketcap.com.
Meanwhile, the Cronos (CRO) crypto is drawing investors’ attention on Wednesday, with the price rising more than 2% and the trading volume swelling by over 45% at 8:55 am ET.
Also Read: What is Qtum (QTUM) crypto and why is it rising?
What is Cronos (CRO) crypto?
Cronos (CRO) is the native crypto of the Cronos Chain, a decentralized, open-source blockchain developed by Singapore-based crypto exchange app, Crypto.com.
The Cronos Chain is one of the solutions offered by Crypto.com's product portfolio, created to accelerate the adoption of digital currencies, boost personal control over money, and secure user data and identities globally. The CRO blockchain empowers Crypto.com's mobile payment application.
CRO went live in 2018, and it focuses on offering utility to Crypto.com's payment, trading, and financial solutions. Notably, Cronos (CRO) was originally called Crypto.org Coin (CRO), but it was renamed in February 2021.
The token is available on crypto exchanges like Bittrex, Huobi Global, OKEx, etc.
Also Read: Why is Ribbon Finance (RBN) crypto drawing attention?
Why Is Cronos (CRO) Crypto Rising?
Why is it rising?
There could be different reasons for the price rally. For instance, on March 22, Crypto.com announced that it would be an official sponsor of the FIFA World Cup 2022 in Qatar from Nov 21 to Dec 18. It marks another milestone in Crypto.com's efforts to enter the sports space.
The agreement would allow Crypto.com's name to be put up around the tournament venue and in the stadium broadcast view. However, the sponsorship amount was not immediately known.
Also Read: When is Tokyo-based crypto exchange Coincheck going public?
Another reason could be the company's recent announcement of its new feature, Account Protection Program (APP), for its App and Exchange users in selected markets.
The company claims that this would enhance users’ account security. Some of the APP’s features include multi-factor authentication (MFA), anti-phishing code, and tool to prevent jailbreaking. The AAP is currently live in Brazil, the company said on March 23.
Also Read: Why is OriginTrail (TRAC) crypto rising?
Source: *Data provided by CoinMarketCap.com
Bottom line:
The CRO token was priced at US$0.4266 at 9:12 am ET on Wednesday, up 2.53%, while its one-day volume jumped 45.76% to US$92.52 million. It has a market cap of US$10.77 billion, and its fully-diluted market cap is US$12.91 billion.
The token's maximum and total supply are over 30.26 billion, and its current circulating supply is 25.26 billion. It returned 95.15% gains in the past 12 months.
Also Read: Why is Oasis (ROSE) crypto rising?
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
