Why did the trading volume of this cryptocurrency suddenly increase by 300%? by Crypto Horizon


Why has the trading volume of this cryptocurrency suddenly increased by 300%?

On Monday, the price of Cronos (CRO) – the native digital currency of the Crypto.com trading platform, continued to rise while the price of other digital assets remained unchanged. The price of the digital currency reached its highest level since November 11 when it reached 0.09 per coin. After witnessing an all-time low in 2022, the CRO token has increased by more than 51%, giving it a market valuation of more than $2 billion.

Cronos (CRO) Prices Rise Cronos (CRO) achieved a monthly high of $0.083 in the past 24 hours, amid growing fears that the company is on the brink of collapse, following its statement that it will cut its workforce by 20%. The announcement was made on Friday. As a direct result of the bullish sentiment surrounding the token, the 24-hour market capitalization and volume increased by 9.87% to reach $2 billion and 301% to reach $94 million respectively, indicating the growing interest in the market.

Crypto.com’s focus is on sustainability

The concept of sustainability is gradually becoming more important in the industry. In order to lower its overall energy consumption and become more environmentally friendly, it switched to a Proof of Stake consensus mechanism last year. This trend has been echoed in other blockchains and digital protocols, most recently Crypto.com’s eight-year decarbonization agreement with Climeworks to neutralize the platform’s directness. The price of the CRO saw a significant increase after the announcement on January 16th.

In response to this development, Eric Anziani, President and Chief Operating Officer of Crypto.com, stated the following: We are committed to addressing pressing climate challenges and continuing our efforts.

In 2021, the platform made its first public pledge on the environment. Since then, the crypto trading platform has worked with decarbonization service providers, government officials, and even its business partners like Shopify to assess, estimate, and plan to reduce its residual emissions.

Growing TVL and ecosystem

The price of CRO has also increased as a direct result of increased activity in the Cronos ecosystem. According to information published by DeFi Llama, the Total Value Locked (TVL) in critical Cronos dApps is steadily increasing. For example, VVS Finance saw its total TVL rise by 12% over the past week. In a similar vein, TVL for MM Finance, Single Finance, Beefy and Veno Finance increased by more than 20%. Cronos’ TVL is currently worth over $398 million, well below its all-time high of nearly $4 billion.

It is worth noting that despite the current rise in the value of the altcoin, the company’s cash outflows have decreased by $12 million in the last 24 hours and by $156 million in the last 30 days. As it stands, the Cronos (CRO) price is currently trading at $0.08132. This is an increase of 11% on the day, in contrast to a gain of 28% for the week according to CoinGape’s cryptocurrency market tracker.

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