Crypto.com Chain (CRO) is Rallying Right Now While Most Altcoins Drop
The asset managed to appreciate to near-record dollar prices while also gaining against Bitcoin (BTC).
Crypto.com Chain (CRO) became one of the few altcoins rallying right now, reaching almost-record dollar prices, as well as appreciating against Bitcoin (BTC).
CRO is up more than 19.6% in BTC terms, to 645 Satoshi, while other assets wiped out as much as 25% of their value against the leader. CRO also trades at $0.083, within a small distance of its record above $0.087.
CRO is a token aiming to boost the Crypto.com (MCO) ecosystem, and its rally arrives at a time when crypto-spending cards are becoming attractive again.
The chief reason for the rise in CRO prices is the upcoming voting for the Huobi Fast Track trading program. CRO competes with Egretia (EGT) in the July 10 vote. Both projects will be listed on Huobi, but the order of listing will depend on the voting results.
Each project will see a mini token-sale resembling an IEO, where 1 million USDT worth of tokens would be sold.
The news also lifted the EGT market price, up more than 69% in a week to $0.081. In the meantime, MCO is up slightly to $6.03.
Altcoins are still lagging behind BTC, and the current CRO and EGT rallies are an anomaly. Only separate altcoins manage to gain both in dollar and BTC terms, and most assets remain depressed. CRO and EGT are also near their lows against BTC but managed a short-term rally.
The spike in prices, however, underlines the influence of the most active Asian exchanges in boosting interest for the smaller digital assets. OKEx and CoinTiger are also highly important markets for CRO, but trading on Huobi may add to the liquidity.
Another boost for both MCO and CRO is the gradual unrolling of the crypto-powered cards with a dual-asset structure.
US-based owners will get their cards in the coming weeks. The dual-asset structure helps to limit the danger of seeing a digital token as an unregistered security. Crypto.com also offers app-based payments.