On Monday, the price of Cronos (CRO) – the native cryptocurrency of the Crypto.com exchange – continued to rise, while the price of other digital assets remained unchanged. The price of the crypto token has reached its highest point since November 11, when it hit $0.09 per coin. After witnessing a 2022 low, the CRO token is up more than 51%, giving it a market value of over $2 billion.
Cronos (CRO) Price increase
Cronos (CRO) has hit a monthly high of $0.083 in the past 24 hours amid mounting concerns that the company was on the verge of collapse after issuing a statement saying it would cut its workforce by 20%. downsized. The announcement was released Friday. As a direct result of the growing bullish sentiment surrounding the token, its market cap and 24-hour trading volume shot up 9.87% to $2 billion and 301% to $94 million, respectively; which shows the growing interest in the market.
Crypto.com’s focus on sustainability
The concept of sustainability is gradually gaining importance in the cryptocurrency industry. To reduce overall energy consumption and become more environmentally friendly, Ethereum made the switch to the Proof of Stake consensus mechanism last year. This trend is echoed by other crypto blockchains and protocols, the latest being Crypto.com’s eight-year carbon removal agreement with Climeworks to neutralize the platform’s direct carbon emissions. The price of CRO saw a big increase after the Jan. 16 announcement.
In response to this development, Crypto.com President and Chief Operating Officer Eric Anziani stated that:
We are determined to meet the pressing climate challenge and continue our efforts.
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In 2021, the platform made its first public environmental commitment. Since then, the crypto exchange has worked with carbon removal service providers, government officials, and even its own business partners like Shopify to evaluate, quantify, and plan for its remaining emissions.
Growing TVL & ecosystem
The price of CRO has also increased as a direct result of increased activity in the Cronos ecosystem. According to information made public by DeFi Llama, the total value locked (TVL) in major Cronos dApps has been steadily increasing. For example, VVS Finance saw a 12% increase in its total TVL last week. In the same vein, the TVL for MM Finance, Single Finance, Beefy and Veno Finance is up more than 20%. The TVL for Cronos is currently over $398 million, which is significantly below its all-time high of nearly $4 billion.
While it’s worth noting that despite the current rise in the altcoin’s value, the company’s cash outflow is down $12 million in the past 24 hours and $156 million in the past 30 days. As things stand, the price of Cronos (CRO) is currently trading at $0.08132. This represents an 11% increase on the day as opposed to a 28% gain during the week according to CoinGape’s crypto market tracker.
Also Read: Failed Founders of 3AC to Launch New Crypto Exchange GTX
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Will the price of Cronos (CRO) reach $0.1 because of these new updates?
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