Crypto.com (CRO) price continues its plunge, now down 20% in December

By: Michael Harris
Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to… read more.
on Dec 24, 2020
  • Crypto.com announced a mainnet dry run called Crossfire last week as it prepares for a public launch
  • CRO/USD price is trading at 8-month lows as the plunge from September highs continues
  • The coin has lost about 70% of its value in nearly 4 months since early September

Crypto.com (CRO) price is trading over 15% in the red this week to extend monthly losses to more than 20%.

Fundamental analysis: Crossfire announced

Crypto.com announced a mainnet dry run called Crossfire last week as it prepares for a public launch. This is the final dry run before a public release of the mainnet. During Crossfire, the participants will be able to compete with other validators by completing certain tasks and have a chance to win rewards in CRO.

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Last year, the Crypto.com Chain saw significant support from its proponents and industry partners. Its latest testnet, named Croeseid, includes a new codebase built on the Cosmos SDK and has involved more than 50 deployed validators and handled 800,000 transactions.

“With the Mainnet production dry run, we are entering the final stretch on the road to go-live. The Crossfire competition for validators with $300,000 in rewards is a critical part of stress testing the network before the much-anticipated launch,” said Kris Marszalek, chief executive of Crypto.com. 

The Cosmos SDK offers scalability, usability and coin interoperability services. Its inter-blockchain communication (IBC) module enables cross-chain transactions and communications that expand decentralized finance use cases, which represent a key factor of the crypto platform’s product roadmap. 

The Chain mainnet is still utilizing the Tendermint Core as its consensus engine. Tendermint Core is a highly-advanced Byzantine-fault tolerant (BFT) consensus engine which allows building proof-of-stake systems. 

The total pool prize of the dry run is $300,000 in CRO rewards.

Technical analysis: A plunge continues

CRO/USD price is trading at 8-month lows as the plunge from September highs continues. The coin has lost about 70% of its value in nearly 4 months since early September. 

CRO/USD YTD chart (CoinGecko)

The price action is now likely to approach the zone around $0.50 where an important support is sitting. The long-term support is located near $0.30.

Summary

Crypto.com launched its final dry run Crossfire in order to stress test the network in a real-world environment before the public release of its mainnet. The validators will compete with each other and winners will receive awards in CRO. 

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