Cronos (CRO), formerly known as Crypto.com currency, has plummeted 5.5 percent in price, according to CoinMarketCap. At the time of writing, the coin’s price was hovering at $0.3816. Over the previous 24 hours, the price change appears to be a continuation of the pattern witnessed in CRO’s price during the last 7 days, which saw it decline 8.64 percent.
CRO’s 24-hour trading volume has also decreased by 12.59 percent, with just $57,212,729 worth of CRO exchanged in the previous day.
Of course, the drop in CRO’s price has reduced Cronos‘ entire market capitalization. CRO’s market cap, on the other hand, still ranks 18th on CoinMarketCap’s list of the greatest crypto market caps.
Early this year, several crypto community members expressed worry about Crypto.com’s exorbitant marketing spending. However, given that the overall crypto market is in a bit of a correction when looking at wider periods, these fears may not be the primary driver for CRO’s price drop.
Despite the price drop, the number of CRO holders has steadily increased over the previous week, with 254 new holders added to the list in the last 24 hours. When it comes to the project, the slow growth in CRO holders might indicate that investors prefer value above the excitement. This might indicate a favorable investment view for CROs in the medium to long term.