Crypto.Com (CRO) Breaks $0.31 on Coinbase Listing
Crypto.Com Coin (CRO) burst forward with an all-time high after a period of accumulation and setting expectations for a rally. The immediate reason for the rally is the new Coinbase listing, where trading is just taking off and adding to CRO price discovery.
Coinbase has warned it will only accept the ERC-20 CRO version, and not the Crypto.org powered native blockchain for a different CRO version. CRO will be also open to trading on Coinbase Pro. The asset cannot be traded or swapped through Coinbase Wallet. Currently, there are limitations to trading up to 660,000 CRO, with only USD and EUR fiat pairings available.
CRO gained popularity in the past few days as well, due to its platform influence, as Crypto.com became one of the sources of trading for Dogecoin (DOGE) and Shiba Inu (SHIB).
Crypto.com recently announced the addition of a pairing that could tap both communities, with the potential to swap between DOGE and SHIB. Crypto.com has added SHIB for trading, but the asset is still not available within the payment app. Still, the payment processor has reached out to the SHIB community and has made preliminary considerations of adding SHIB as a potential payment tool.
The added publicity boosted attention for the CRO asset, leading to a one-day leap of above 24% to $0.31. CRO continued its climb ahead of the weekend, on volumes above $539M in the past day. CRO now trades with the most activity since the previous April peak, and this time opens the opportunity for a further hike into price discovery.
How High Can CRO Go
WIth the overall bullish expectations for the last quarter of 2021, CRO set even more optimistic predictions. The asset is still available at a relatively low per-unit price, with the potential to move as high as $1.
While the exact price moves of CRO are uncertain and the asset has erased a significant part of its value within days, the Crypto.com platform may be a contender for becoming one of the pivotal projects within the space.
Crypto.com is a multi-pronged platform which also works as an exchange, carrying $2.2B in trading volumes. The platform also offers leveraged trading and regularly lists niche tokens.
Crypto.com was among the preferred providers of a cryptocurrency spending card, and has carried an agreement with VISA over the course of a few years. Formerly Monaco, the project managed to preserve its status as a hub for moving between assets, as well as between crypto coins and fiat.
Crypto.Com May be Hurt from SHIB Slide
Just as SHIB prices went up, the warnings abounded that the asset was prone to erasing up to 90% of its value within days. Crypto.com still lists SHIB among its most active pairings, although the asset is going for a deep correction.
SHIB lost around 32% of its value since the latest peak, sliding toward $0.00004 from a peak above $0.00008. The asset is now out of the top 10 list of coins and tokens, while DOGE still hangs on at a more stable price of $0.26.
Can CRO Repeat the Success of Solana
The Crypto.com platform is older than the Solana project, but may be just breaking out in becoming a hub for additional startups. Crypto.com has added NFT functionalities, but the CRO asset remains a token based on Ethereum, still facing some of the limitations of speed and transaction fees.
The SOL asset, in the meantime, has become the fourth largest coin by market capitalization, displacing Tether (USDT), to trade above $244 and become one of the most successful altcoins of the year so far.
While smaller coins and tokens have not repeated the success of SOL, the effect on altcoins remains positive.
CRO Offers Limited Trading Profile
The CRO trading profile excludes the Binance International exchange. The reason for this is that Binance delisted the old asset MCO, and decided not to redistribute the new CRO token. Due to regulatory reasons, Binance has not yet relisted CRO and there is no sign of a potential listing.
Without a boost from a Binance-based pair, CRO relies on its relatively illiquid Coinbase market. The limited availability for international traders has kept CRO at a low per-unit price.
The MCO asset managed to peak above $44 in the spring of 2021, but has not recovered since, and slid to $8.75, so far unaffected by the performance of CRO. MCO depends mostly on OKEx liquidity and shows no expectations of a Binance or Coinbase listing. However, the relative underperformance of MCO has been viewed as having some upside potential in the case of a bull market.
MCO still trades at extremely slim volumes and shows almost no signs of an immediate comeback.
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