CRO, the native token of the Crypto.com exchange, soared to a record high after the launch of the Cronos protocol and the announcement of a 20-year agreement to rename the Staples Centre the Crypto.com Arena.
What is the CRO coin and what’s driven its sharp price rally? Is it a buy, hold or sell at the highs?
In this article, we look at the latest CRO news and price predictions for the future.
Crypto.com expands ecosystem
Crypto.com was created as Monaco Technologies in June 2016 by co-founders Kris Marszalek, Rafael Melo, Gary Or and Bobby Bao. CRO went live in late 2018. The coin forms the basis for Crypto.com’s financial services, including its cryptocurrency exchange, payments app and Visa credit card. Holders of CRO can stake their coins to act as validators on the blockchain and earn fees for processing network transactions. They can use CRO to settle transaction fees and earn cashback through the payments app and credit card.
The price of CRO has been rising since the end of October, ahead of the launch on 8 November of the mainnet of Cronos, its Ethereum Virtual Machine (EVM) compatible network for decentralised finance (DeFi), non-fungible tokens (NFTs) and the metaverse.
The Cronos network runs alongside the Crypto.com blockchain and, according to the Cronos blog, “aims to massively scale the DeFi and decentralised application ecosystem, by providing developers with the ability to instantly port apps from Ethereum and EVM-compatible chains.
Cronos uses the Cosmos software development kit (SDK) to build in interoperability and bridging to the Crypto.org blockchain and other chains with Inter-Blockchain Communications (IBC) enabled.
Network fees for on-chain transactions are paid with CRO, the platform’s native token. The growth of the Cronos ecosystem will increase the use of the token beyond the Crypto.org blockchain and Crypto.com applications.
Epic Day 1 at @cronos_chain— Kris | Crypto.com (@Kris_HK) November 8, 2021
✅ Mainnet Launch
✅ https://t.co/pFc4PzqqHR App integrated
✅ https://t.co/pFc4PzqqHR Exchange integrated
✅ DeFi Wallet integrated
✅ Cronos Bridge live
✅ First CRC20 assets created
✅ #CRO ATH
Huge thank you to the entire #CRO community
Users can bridge certain coins from the Crypto.com app and exchange by selecting the Cronos network when depositing and withdrawing coins, and from the Crypto.org chain to Cronos via the IBC channel. Support for more IBC channels from other Cosmos-based chains to Cronos is expected in December or January, including support for a bridge from Ethereum to Cronos.
On 19 November, the Crypto.com exchange added support for deposits and withdrawals of ether via Polygon, in addition to the Cronos, Arbitrum, BEP20 and ERC-20 networks.
https://t.co/vCNztABJoG Exchange now supports deposits and withdrawals of $ETH via Polygon, in addition to Cronos, Arbitrum, BEP20 and the ERC20 Network.— Crypto.com (@cryptocom) November 19, 2021
*Available on both Exchange Web and App.
Deposit Now ???? https://t.co/yO5LvyWr3r pic.twitter.com/QnaIcxDTvN
Several cryptocurrency exchanges are moving towards supporting multiple blockchains as the Ethereum network faces persistent congestion and high transaction costs. The emergence of DeFi and NFT apps in the past year has ramped up traffic volumes on Ethereum, and decentralised app (dApp) developers have been looking to other blockchains for faster transaction processing and lower fees.
CRO price analysis
The CRO cryptocurrency price climbed from $0.2107 at the end of October to an all-time high of $0.4232 on 8 November when Cronos launched. The price continued to rise, reaching $0.52 on 15 November, then slipped back to $0.3945 on 16 November. CRO resumed its rally and moved up to a fresh all-time high of $0.5938 on 18 November, after Crypto.com announced the AEG partnership. The CRO price climbed above $0.70 on 21 November, following the exchange’s addition of Polygon support and as cryptocurrency prices rose after recent weakness across the markets.
The deal with sports and live entertainment company AEG to rename the arena will come into effect on 25 December, when the companies will release a new logo and internal signage. All the venue’s external signage is expected to be replaced by June 2022. The deal also makes Crypto.com an official cryptocurrency platform partner for the Los Angeles Lakers and LA Kings sports teams.
Crypto.com has been expanding the functionality of its applications. On 11 November, it announced that it has added an in-app browser in the Crypto.com DeFi Wallet, allowing users to connect with dApps within the wallet. VVS Finance, a decentralised exchange natively built on Cronos, is the first dApp available through the wallet.
Users can store, swap, and earn interest on their tokens in the wallet, which features multi-layer security for protection.
Crypto.com launched its NFT platform in March this year, and announced on 3 November that the Philadelphia 76ers basketball team and the Ultimate Fighting Championship (UFC) were launching collections on the marketplace.
What is the outlook for the CRO price after the sharp rally seen in recent days? Do forecasting sites indicate the price could retreat, or could it continue climbing to new highs?
CRO coin price prediction: can it rise further?
Technical analysis from CoinCodex was bullish at the time of writing (22 November), with the coin trading around $0.69. There were 27 oscillator indicators giving bullish signals compared with three bearish signals. However, CoinCodex’s CRO crypto price prediction estimated that the coin could drop to $0.6846 by 27 November.
The Crypto.com coin price prediction from Wallet Investor was bearish for the short-term, projecting that the price could drop back to average $0.43 by the end of 2021. The forecasting site predicted that the CRO price could rise to average $0.5170 in April 2022 but retreat to average $0.4960 by the end of 2022. The price could then trade within the $0.45-$0.60 range in 2023 and 2024 and trade up to $0.7460 in November 2025 before slipping to $0.6860 by the end of the year.
DigitalCoin’s CRO token price prediction was more bullish, predicting that the price could rise to an average of $1.21 in 2022, climbing over the long term to $2.08 in 2025 and $3.12 in 2028.
The Crypto.com (CRO/USD) forecast from Price Prediction put the coin at an average of $1.07 in 2022 and $3.35 in 2025. By 2030, the site predicted that the CRO price could climb to $22.79.
It’s important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and online forecasting sites can and do get their predictions wrong.
We recommend that you always do your own research, and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. You should be aware that the past price performance is no guarantee of future returns. And never invest more than you can afford to lose.
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At the time of writing (22 November), forecasting sites were predicting that the CRO price will rise over the long-term. Keep in mind, however, that the heightened volatility of cryptocurrency prices makes it difficult to accurately predict their future movements. Forecasting sites can and do get their predictions wrong. You should do your own research to make informed trading decisions. Keep in mind that past performance is no guarantee of future returns.
Cryptocurrencies are high-risk investments. You should evaluate whether they are compatible with your personal risk tolerance. Be sure to do your own research to take a view of whether CRO coin is a suitable fit for your portfolio. And never invest more than you can afford to lose.