As more people begin trading cryptocurrencies and they migrate to new exchanges like Crypto.com, expect to see the value of their tokens rise. As a result, Crypto.com Coin (CCC:CRO-USD) token will rise as people migrate to its crypto exchange. Crypto.com Coin is now on a rebound from year-end selling.
CRO-USD reached a peak of 95.28 cents on Nov. 24 and has drifted down every since. It reached a trough on Dec. 20 at just below 50 cents ($0.4872 per token).
However, by the end of the day on Dec. 26, CRO-USD had risen to just over 62 cents ($0.6242). That represents a gain of 28% from its bottom. Nevertheless, the crypto is still well off of its highs, over one-third (34.5%). In fact, if it were to rise to that former height CRO-USD would gain over 52%.
As it stands now, Crypto.com Coin is now the 15th largest cryptocurrency with a market capitalization of $16.2 billion. This is based on Coinmarketcap.com‘s analysis of the global crypto markets.
Where Things Stand With Crypto.com
There are now good reasons to believe that this could happen over the next year, or even sooner. For one, the year-end selling pressure on Crypto.com Coin as well as other cryptos seems to have subsided.
That could be due to the lower level of trading activity in the market at year-end. Another reason could be that tax-loss harvesting at year-end could basically be over by now. That also feeds into the lower level of trading activity. As a result, there is less selling pressure now on Crypto.com coin now.
Recently Crypto.com issued a research report on its website with its own predictions for 2022. The report gives a pretty sweeping overview of how the cryptocurrency market fared in 2021 and how they might change in 2022.
According to The Daily Hodl, which reviewed the document, one of its main forecasts relates to the number of crypto users. For example, the crypto exchange forecasts that the number of crypto users will reach one billion by the end of 2022.
And in an even more interesting forecast, Crypto.com predicts that some countries facing high inflation levels will try to adopt cryptocurrency as legal tender to combat it. The exchange says that these countries will be following the example of El Salvador in this regard.
Moreover, The Daily Hodl says that Crypto.com predicts that “cryptos will become a staple in traditional finance portfolios.” It says that they will become part of what institutional investors call their “alternative assets.”
However, the most important prediction that The Daily Hodl points out is where traditional brokerages stand going forward. These brokerage firms are likely to set up partnerships with exchanges like Crypto.com. This will allow them to “integrate crypto into their main services from payments to transfers and investment.”
How This Helps CRO-USD
As a result, expect to see a major deal between Crypto.com and one or two brokerage firms sometime during 2022. This will be beneficial to both sides.
For example, the mainline brokerage firm will be able to gain access to crypto exchange technology, processes, and potentially even customers. In return, Crypto.com could pick up more clients, have more trading volume, and, ultimately, earn more revenue.
As a result, if this happens, and it seems like only a matter of time before it does, expect to see the price of Crypto.com Coin rise substantially. If it is seen as a win-win for both the mainline brokerages and a crypto exchange like Crypto.com, investors will jump in. In fact, just the prospect of this happening will push CRO-USD price higher over the next year. Look for good things to occur to this exchange and its CRO tokens as a result.
On the date of publication, Mark R. Hake did not hold any position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guide which you can review here.
