Crypto.com Coin Breaks Into Top 20 Cryptocurrencies by Market Cap - Forex News by FX Leaders
Crypto.com Coin Breaks Into Top 20 Cryptocurrencies by Market Cap

Crypto.com Coin Breaks Into Top 20 Cryptocurrencies by Market Cap

Posted Monday, November 15, 2021 by
Aiswarya Gopan • 2 min read

Crypto.com Coin (CRO) is one of the biggest movers in the crypto market, marking double digit gains into Monday and reaching a new ATH, making the most of the bull run underway in the crypto market currently. At the time of writing, CRO/USD is trading at around $0.489.

As leaders Bitcoin and Ethereum surge to new highs and more investors buy into altcoins as well, the end of the year appears to be a crypto season truly. As the native token in use within leading crypto platform Crypto.com, CRO is benefiting from the increased activity among users on the platform, driving it higher by more than 30% over the past week alone.

The market sentiment plays an extremely important role in dictating the price action in the Crypto.com Coin. When the mood is upbeat, especially powered by bullish moves in Bitcoin, it increases investor confidence in digital currencies and drives them towards indulging in a buying spree across the board, supporting higher levels of on-chain activity on the Crypto.com blockchain and making the CRO more valuable as a result. On the other hand, a decline in Bitcoin’s value scares investors off the market, driving sell-off in cryptocurrencies and keeps them away from the leading exchange, causing the value of the CRO token to plummet.

At present, the CRO token has broken into the 20th position in terms of market capitalization among cryptocurrencies and the ongoing rally has the potential to take it even higher. One of the biggest reasons to be bullish on the coin is Crypto.com’s efforts in increasing the scope of its operations through partnerships and promotions is likely to grow its user base further in the coming months, spurring more activity on the platform and driving up the CRO price.

But where the Crypto.com Coin truly shines is because of the platform’s power beyond supporting trading of cryptocurrencies – it also offers users the ability to pay for goods and services via cryptos, a move that is seeing increasing adoption by leading businesses worldwide. In addition, users can stake their CRO holdings on the platform to act as validators and process transactions, giving them an opportunity to put their holdings to use and earn rewards. They also have the option to stake CROn on the trading app and earn rewards against some token listings.

CRO/USD Technical Analysis

On the 4-hour price chart of CRO/USD, moving averages as well as leading technical indicators MACD and momentum are exhibiting a strong bullish bias. Crypto.com Coin’s price is holding above the pivot point at $0.397 and has broken past the first resistance level at $0.485.

It looks like buyers could soon give the second resistance at $0.532 a test. But we need to pay attention to the first resistance level, as profit-taking could see the CRO’s price slide down towards under this level.

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