This Crypto Surged 37% on Thursday, Nudged Korean Traders to Dump Bitcoin
Price of Crypto.com Chain (CRO) on Thursday surged up to 37.33% ahead of the European market open.
The CRO-to-dollar exchange rate established an intraday high towards $0.085, bringing its total jump since April 2 close to 100-percent. The CRO’s market capitalization surged from $197.54 million to as high as $401.46 million within the same time, accompanied by an overall bullish sentiment across the cryptocurrency index.
As of 1105 UTC, the CRO price was trading at 0.074, down 17.56-percent from its intraday high. The coin was still trending 16.66-percent higher than its rate 24 hours back. The same period saw CRO posting $3.36 million worth of trading volume. The asset maximally traded against bitcoin, in about 80-percent of the total daily trades. Exchanges that hosted the maximum CRO-bitcoin trading activities were South Korea’s Upbit, followed by Bittrex and HitBTC.
The 24-hour adjusted timeframe also saw CRO changing hands from/to Indonesian Rupiah (IDR), thanks to the coin’s integration to a local exchange platform Indodax.
No Concrete Fundamentals
Unlike its March rally, in which CRO had shot up by 468-percent in a week, the coin’s current upside action does not have strong fundamentals backing it. It is a coincidence that CRO surged 64.15-percent on the day when all the top coins were correcting lower. The token maximally changed hands from/to bitcoin which was intraday bearish and had dropped by about 5-percent.
The only relevant news we could gather was the latest CRO-Binance relation. The Crypto.com Chain team reportedly donated over $500,000 to the Binance Charity Foundation which prompted Binance CEO Changpeng Zhao to show his gratitude in public. A crypto token, CRO, has gained over a third of its value since the turn of the day.
— Jayden Crypto 💎 (@jayden_crypto) April 11, 2019
In another event, the Crypto.com team announced that they were launching a CRO staking program which would enable users to earn a 12-percent annual reward. That means that users would need to purchase CRO tokens in large to run and support the Crypto.com blockchain. The April 8 announcement partially explains why the CRO value surged. However, the CRO’s surprising jump didn’t appear anytime before 1915 UTC, April 9.
[Disclaimer: The author holds CRO tokens in his crypto portfolio.]