Why CRO is rising today?

Key points: 

• CRO is up 16% in the past 24 hours to hit a weekly high of $0.074.
• Cronos trading volume surged 556% in intraday trading, making the bullish sentiment strong.
• Crypto.com CEO Kris Marszalek dismissed speculation about financial troubles following the collapse of Cronos in the aftermath of FTX.
• The exchange runs several advertisements and campaigns on the 2022 FIFA World Cup. 
• However, the sudden price surge may be short-lived as the market is expected to fall in a bearish scenario. 

Crypto.com's native token, Cronos (CRO), was the top performer on Monday, as it surged double digits in intraday trading. Cronos is up 16% in the past 24 hours to hit a weekly high of $0.074. Investors who got in during the last week of November made handsome gains on CRO. The cryptocurrency is attempting to break above $0.081, a level it could reach if it maintains its positive momentum.

Cronos defied market conditions today, leading Bitcoin and Ethereum in intraday trading. BTC is up 1.7% over the past 24 hours, while ETH is up 3%.

The asset is slowly but steadily rising from the ashes of the FTX-induced crash that saw it drop to $0.05 last month. Crypto.com CEO Kris Marszalek dismissed speculation about financial troubles following the collapse of Cronos in the aftermath of FTX.

Why is Cronos up today?

Cronos trading volume surged 556% in intraday trading, making the bullish sentiment strong. The cryptocurrency has seen nearly $95 million in inflows since Sunday, propelling it into the index. Cronos gained 8 cents in seven days.

Global viewership has skyrocketed as the 2022 FIFA World Cup reaches the quarter-finals. Crypto.com runs several advertisements and campaigns in favor of the exchange. In turn, the large audience educated new investors on the potential prospects of Cronos.

Additionally, Cro Coin’s unique chain addresses will continue to rise despite the bearish market environment. These unique addresses have been adding nearly 3,000 wallets per day since April 2022. However, unique addresses have dropped to 750 wallets per day as of last month.

However, the sudden price surge may be short-lived as the market is expected to fall in a bearish scenario. It is recommended to wait and see before jumping into Cronos as it has already peaked.

At press time, Cronos was trading at $0.074, up 15.9% in 24-hour daily trading. It is down 92.3% from its all-time high of $0.96 reached in November 2021.