Crypto.com and Cronos, between hackathons and new fears
A few months ago, there was pure euphoria surrounding CRO, the native cryptocurrency of Cronos.
This euphoria now seems to have completely dissipated, despite some positive news concerning Crypto.com and the development of the blockchain created by the exchange.
So on one hand, fears seem to have returned, while on the other, there are potentially positive news.
The Return of Fear on Cronos
Between mid-July and the end of August, the price of CRO soared from 8 to 32 cents, with a spectacular +350% in just over a month and a half.
That rally, clearly parabolic, was initially triggered by rumors and then by the news that Trump Media purchased a significant amount of CRO tokens to hold in treasury.
It is noteworthy that after the all-time high recorded in November 2021 above 96 cents, during the subsequent bear-market the price of CRO plummeted to 5 cents, mainly due to the collapse of FTX in November 2022.
Despite two rebound attempts, one in the early months of 2024 and another at the end of 2024, by March of this year it had fallen back below 8 cents, which was not much higher than the bottom of the previous bear-market. Even at the beginning of July, it was just above 8 cents, so much so that many holders were losing hope.
The August rally had reignited enthusiasm, but just like in 2024, it seems to have faded once again.
During this month of November, it indeed dropped back down to 10 cents, reigniting fear.
Crypto.com and the Positive News
This situation is actually somewhat surprising, because there are positive news coming from Crypto.com.
It should be noted that the renowned crypto exchange is not only the entity that created the Cronos ecosystem, but it is also the entity behind its development and evolution. CRO, in fact, is a cryptocurrency that has a specific technical role even within the exchange itself.
Indeed, specifically the Hackathon x402 was organized, which started yesterday, for payments with AI. It has a prize pool of $42,000, and focuses on on-chain payment apps with AI agents that utilize the x402 standard for programmatic settlement.
This news had almost no impact on the price of CRO, which merely bounced from 10 to 11 cents.
Not even the recent “Smarturn” upgrade, which took place on October 30, had a positive impact on its price, despite the introduction of gasless smart accounts and POS v6 for cross-chain efficiency and 10x fee reduction.
Furthermore, it should not be forgotten that Crypto.com now boasts over 150 million registered users, and a recent partnership with Trump Media.
CRO Price Predictions
In light of all this, some predict that the price of CRO could recover, either in the short term or at least in the medium-short term.
Indeed, if in the short term the hypothesis is that it could reach even just 12 cents, in the event of an altseason, there are forecasts suggesting it might even aim for a new all-time high, possibly above $1.
At this moment, to be honest, the altseason is still very far off, but the crypto markets can also move very quickly in case of enthusiasm.
However, if there isn’t an altseason, or if it turns out to be just a mini one like at the end of 2024, the all-time high still seems decidedly too far off to be reached.
However, this does not rule out the possibility of a rally similar to the two in 2024, which stalled between 15 and 20 cents, or that it could even push above 30 cents as it did in August.
It should be noted that much of CRO’s success in the markets is due to the activities of the Crypto.com exchange, particularly its potential aggressive marketing campaigns, such as those in 2021.
Even in the event of an altseason, it seems unlikely that new all-time highs can be reached without strong and extensive promotional campaigns by the exchange.
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