Cronos (CRO): Is It A Good Buy?

Last Updated December 9th 2022

5 Min Read

Considering the general market scenario, is Cronos crypto a good buy now for profitable returns? Find out.

Cronos was a great success in 2021. The crypto gained high percentage gains in November last year, hitting new all-time highs. CRO was formerly known as Crypto.org Coin and was rebranded to Cronos last February. The new name intends to reflect the growth of the ecosystem.

Even in the current market scenario, CRO has been continuously maintaining its low trading rates in the past weeks. Like many cryptos, it has struggled in 2022. But cryptocurrencies have always grown in popularity amidst all the criticism facing the global space. Crypto.com aims to position itself as a player in the expanding decentralized finance, Web 3, and other blockchain industries. Therefore, investors are mulling to know where Cronos is a good buy for future returns. Let’s see.

Cronos (CRO): An Overview

Cronos crypto has the potential to become one of the best cryptocurrencies to buy now in the market.

Cronos is an Ethereum Virtual Machine (EVM) aligned sidechain running together with the Crypto.com blockchain. It is also known as the first blockchain compatible with combining Ethereum and Cosmos ecosystems. The CRO token is the native cryptocurrency of the Crypto.org Chain and the Cronos EVM Chain. Cronos has positioned itself as a good buy now as the ecosystem represents the next primary phase in the adoption and utilization of Web3 by hundreds of millions of users.

Moreover, Cronos was designed to accelerate the worldwide acceptance of cryptocurrencies by simplifying access and utility, along with increasing cryptocurrency security to ensure that users have complete control over their identity, data, and money. One key reason for the rising popularity of CRO tokens is Crypto.com. It is not merely an exchange but also an ecosystem with several applications and other projects.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Cronos (CRO): Pros

Thanks to the growing user base of Crypto.com, Cronos has marked its place in the list of the best cryptos for good returns.

Cronos allows customers to purchase and sell using fiat currencies and debit cards. The cryptocurrency also supports DeFi and NFTs, two of the booming sectors in the crypto market. The goal of the network is to help the Web3 user community port apps and crypto-assets easily within different blockchains. Moreover, the Cronos network also promises users low cost, high throughput, and speed during these movements.

The first-ever Ethereum-compatible blockchain built on Cosmos SDK technology is Cronos EVM. This open-source, permissionless Layer 1 chain aims to scale the decentralized finance, GameFi, and overall Web3 communities. The crypto ensures this by letting builders instantly port apps and crypto assets from other chains while profiting from low transaction fees, high throughput, and fast finality.

In addition to powering the ecosystem, the CRO token could also be used for staking, rewarding users with perks such as free Netflix and Spotify subscriptions, cashback fee rewards, better interest rates, and higher yearly percentages on Crypto.com Exchange, and numerous other rewards. By staking CRO, users can also become liquidity providers. The Cronos cryptocurrency is also used to settle transaction fees on the Crypto.org Chain. The CRO token is also used to pay fees on the platform.

Dozens of popular apps have emerged in the Cronos ecosystem that aims to shake up the DeFi sector with the launch of the Cronos blockchain. These highly potential DeFi projects will continue to boost the network’s adoption rate, making Cronos a good buy for long-term returns.

Recently, Crypto.com became an official sponsor of the upcoming FIFA World Cup in Qatar. The platform also has numerous sponsorship deals in various sports, including basketball, soccer, and Formula 1 racing. Reflecting Crypto.com's aggressive promotional activities, the CRO token saw significant growth last year, making Cronos a good buy now for long-term profit.

Cronos (CRO): Cons

The wider market sentiment is plunging down CRO’s price.

Although Cronos is a cryptocurrency with solid fundamentals, the recent negative sentiment has hit crypto markets, including the CRO, which has struggled through a downward trend in 2022. The price of CRO has been plunging down, especially after the announcement about phasing out a number of their staking rewards, which was a major driver in the hype surrounding the cryptocurrency.

Another challenge the Cronos coin faced was the recent exposure of Crypto.com to a cyberattack. The attack caused users to lose nearly $35 million. Although the platform has fixed the vulnerability and compensated all affected users, the price of CRO dropped drastically after the attack. Such security issues are highly crucial and could affect a crypto’s price negatively.

Don't Miss: Crypto.com Coin (CRO) Price Prediction

Cronos: Buy? Sell? Hold?

Cronos has solidified its position as one of the best cryptos thanks to its strong plans for the future and coalition in the pipeline.

Cronos crypto had a rapid growth and popularity in 2021 and is now starting to interest several investors as a good buy. Some of the factors that pushed CRO to the list of best cryptos to buy now include Crypto.com becoming the first official marketing partner of Twitch Rivals, the launch of Cronos mainnet beta version, and the release of The Loaded Lions, its first profile picture NFT collection, and partnership with Chainalysis.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

The Bottomline

Cronos could likely be a good buy now for several reasons. First, Crypto.com never shied away from boasting about its fast-achieved popularity and great successes via marketing techniques and sponsorship deals, fueling the adoption of the CRO token. Second, the token allows customers to purchase and sell using fiat currencies and debit cards. This and many other such factors add to the potential investability of the crypto and make it a good buy now.