CRO Rallies to a New All-Time High Despite Bearish Market

CRO has become the 13th largest cryptocurrency by market cap despite the broader crypto space in a bearish situation.

CRO Sets a New All-Time High At $0.79

CRO, the native token of the Crypto.com exchange, reached a new all-time high a few hours ago. This latest development took place despite the broader cryptocurrency market currently undergoing a bearish trend.

The cryptocurrency market has been underperforming over the past few days. The total crypto market cap reached the $3 trillion mark earlier this month when Bitcoin touched a new all-time high above $69k.

However, the market has underperformed since then, with Bitcoin currently struggling below the $60k level. Despite the broader market struggling at the moment, CRO has been one of the best performers in the market.

CRO rallied to a new all-time high of $0.79 a few days after Crypto.com announced its $700 million deal to take over the naming rights of the Staples Center in Los Angeles for the next 20 years. The deal is one of the biggest sponsorship deals in cryptocurrency history and has led many investors to become bullish on Crypto.com.

Crypto.com, similar to the FTX exchange, has spent billions of dollars in sporting partnerships in recent months. Crypto.com reached an eight-figure deal with the Philadelphia 76ers earlier this year to sponsor the jersey patch and have visibility in the arena. The exchange is also an official sponsor to Paris Saint-Germain, one of the leading football clubs in the world.

Crypto.com is also a sponsor to numerous sports teams including Fox Sports’ college football midday coverage, UFC, the NHL’s Montreal Canadiens,  and Aston Martin’s Formula One team. Since the start of the year, Crypto.com has spent more than $1 billion in sporting partnerships and sponsorships.

CRO Could Touch $1 Soon

As one of the best performing cryptocurrencies at the moment, CRO has added more than 270% to its value over the past month. Since the start of the year, CRO’s price has gone up by more than 1,000%.

At press time, CRO is trading at $0.68 per coin, up by roughly 6% over the past 24 hours. If CRO maintains the current momentum, then it could rally higher over the coming days and weeks. The CRO coin could reach a new all-time high around the $1 mark over the coming weeks if it maintains its current performance.

To rally higher and reach $1.5 per coin, CRO would need the support of the broader cryptocurrency market. Analysts are still optimistic that Bitcoin’s value would reach the $100k level before the end of the year, and that could propel CRO and other altcoins higher.