Number of CRO Holders Keeps Increasing, Sign of Bullish Outlook?

The price of the coin formerly known as Crypto.com coin, Cronos (CRO), has dropped 5.5% according to CoinMarketCap. The price of the coin currently stands at around $0.3816 at the time of writing. The 24 hour price movement seems to be an extension of the trend seen in CRO’s price over the last 7 days, which saw it drop 8.64% over the last week.

The price strength of Cronos has also weakened against Bitcoin (BTC), currently standing at 0.000009927 BTC, and has weakened against Ethereum (ETH), with its worth being approximately 0.000134 ETH.

The 24 hour trading volume of CRO has also fallen a bit as well by 12.59% as only $57,212,729 worth of CRO has been traded in the last day.

CRO’s price dip has, of course, decreased the total market cap of Cronos. However, CRO’s market cap still places it 18th on CoinMarketCap’s list of the largest crypto market caps.

Many members of the crypto community raised concerns about Crypto.com’s excessive spending on its marketing campaign early this year. However, these concerns may not be the driving force behind CRO’s price dip seeing that the entire crypto market is in a bit of a retracement when looking at the bigger picture seen in larger time frames.

Despite a fall in price, the number of CRO holders has been increasing daily in the last week as 254 new holders have been added to the list of CRO holders in the last 24 hours. The gradual increase of CRO holders could be a sign of investors favoring value over hype when it comes to the project. This could signal a medium to long term bullish investor outlook for CRO.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.