CRO, the native token for the decentralized payment, trading, and financial service company, Crypto.com, stole the spotlight for setting a new all-time high while the crypto suffered a major correction.
CRO Sets New All-Time High
On Thursday, November 18th, CRO jumped by more than 20% to set a new all-time high of $0.5938. The rally started after the company announced that it had paid approximately $700 million for the 20-year naming rights agreement for the Staples Center in Los Angeles.
The seven day price chart for Crypto.com Coin (CRO). Source: Tradingview
Reacting to the news of one of the biggest naming rights agreements in sports history, CRO jumped, reaching its highest-ever market cap ranking of 15th, as the project reached a valuation of $14.56 billion.
On The Flipside
- The name change that sparked the rally for CRO will not happen until Christmas Day, when the Lakers host the Brooklyn Nets.
Where is CRO Now
Unable to sustain its bullish momentum while the crypto market faltered, CRO has yielded to bearish pressure. At the time of this writing, CRO is valued at $0.5102, losing 2% of its value over the last 24 hours.
The 24 hour price chart for Crypto.com Coin (CRO). Source: Tradingview
Losing its momentum has seen CRO’s market cap drop from $14.56 billion, down to $13.05, as of November 19th, meaning that the Crypto.com Coin is now ranked as the 19th largest cryptocurrency by market cap.
Why You Should Care?
The soaring prices of Crypto.com Coin (CRO) amidst a progressing bearish market showed how important positive developments are for cryptocurrencies and their growth.