Cryptocurrency markets have not performed particularly well in recent days. However, Crypto.com’s CRO is among the very few explosions of the week, with a new all-time high. Why is it doing so well
Crypto.com’s CRO price hits all-time high
Over the past 24 hours, the major cryptocurrencies have continued to fall, with Bitcoin (BTC) losing -3.2%, Ether (ETH) falling -4.6% and BNB following suit at -5.1%.
As such, Crypto.com’s CRO record remains notable. The price of the exchange platform’s native cryptocurrency jumped +46% in less than a day to $0.82
Crypto.com’s CRO hit a record yesterday (Source: TradingView, CRO/USD)
Over the last 24 hours, the CRO price is still +12.6%. Along with Avalanche’s AVAX, it is the only cryptocurrency in the top 20 to advance over the week, jumping +56% . ROC is now the 13th most capitalized cryptocurrency, with a market cap of $17 billion.
The “Staples effect” continues to carry the cryptocurrency
Last week, Crypto.com signed a $700 million partnership with the Staples Center stadium in Los Angeles. This was seen as a breakthrough in a very mainstream sector, and it is one that seems to continue to drive the CRO’s share price.
Crypto.com’s strategy has been to focus on partnerships with sports teams to raise awareness of its platform and distinguish it from particularly entrenched competitors
Crazy watching @cryptocom execute a $1 billion sports marketing campaign.
1) PSG – $30m 3yr
2) UFC – $175m 10yr
3) Formula 1 – $100m 5yr
4) 76ers – $10m 6yr
5) Montreal Canadiens – logo at centre ice
6) Serie A – partnership
And now a $700m 20 year deal with LA stadium. pic.twitter.com/dL1RlNgZM9
– Yano (hiring!) (@JasonYanowitz) November 17, 2021
According to CoinGecko data, the Crypto.com exchange platform is currently 6th in terms of 24-hour volume, ahead of KuCoin and FTX.
All this reflects a global trend: exchanges want to improve their image and there are several initiatives to link platforms to popular services, especially in the context of sports. We recently learned that FTX had confirmed that it was spending several million dollars to be able to broadcast an ad during the Super Bowl.
