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On Nov. 24, Crypto.com Coin (CCC:CRO-USD) peaked at just under 97 cents per token. But as of mid-day Dec. 14, it was trading at about 54 cents per token. That represents a drop of 44% off of its peak for CRO in less than one month.
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It makes you think — has Crypto.com exchange really lost that much real value in such a short time period? That seems doubtful. After all, it is a major financial services company. It still has a market capitalization of $13.6 billion, even after the recent drop.
But let’s keep things in perspective here. I can’t feel too bad for long-term investors in CRO. For one, since Sept. 28, Crypto.com Coin has risen dramatically from 14.64 cents per token. That means it’s 3.73 times the price it was almost 3 months ago.
That is a good return in anyone’s book, especially for such a short period. It’s no wonder that investors have been taking profits after it shot up so fast.
Crypto.com Coin and Me
The crypto exchange has been on a tear lately, signing up promotions and spending a lot of money promoting its exchange as an alternative to Coinbase Global (NASDAQ:COIN).
For example, Bloomberg reported recently that Crypto.com’s ads featuring Matt Damon and a major cinematographer have cost it more than $100 million. It has now aired in at least 20 countries and has likely been very effective.
In fact, I have to admit that the ads affected me. I like Matt Damon and his movies. I think he is a smart guy, even though I don’t like his politics. So I thought I would look into what he was selling.
I reviewed Crypto.com and later ended up setting up an account with them. One reason is that it allows me to buy more cryptos in U.S. dollars than Coinbase Global, even though I have an account there as well.
The Benefits of Crypto.com
Here is the very specific reason I like Crypto.com. I previously had bought some VeChain (CCC:VET-USD) crypto tokens on another exchange, Binance.US. Even though I had paid for this in U.S. dollars, I found out that it only allowed me to buy 52 other cryptos.
By contrast, Crypto.com allows you to buy more than 200 major cryptocurrencies in U.S. dollars, including VeChain. As I wrote in my previous article, Coinbase Global (NASDAQ:COIN) offers only about 120 cryptos in U.S. dollars (or a little more than that), but not VeChain.
So, I transferred my VeChain tokens from Binance.US to Crypto.com. This will allow me to keep other cryptos that I want to buy in U.S. dollars along with any new ones that aren’t available on Coinbase Global.
What to Do With Crypto.com Coin
And of course, that could include Crypto.com Coin as well, especially since it is now well off of its peak. Since I suspect I am highly likely to buy CRO sometime in the future, I will likely transfer other cryptos to the platform as well.
I am also very impressed that Crypto.com was able to hook me with their Matt Damon ad. I looked into the exchange and its coin solely because I respect him and his achievements as an actor. He probably got paid millions to do the ad, and who knows if he really likes Crypto.com. Nevertheless, I think the aura effect, even if it was on a subconscious level, was a smart move.
So, if this happened to me — and I am a real skeptic on many cryptos — how many other people are out there who are now looking into Crypto.com? I suspect that is going to do some good things for CRO as well, especially as it’s off of its peak price.
On the date of publication, Mark Hake directly held a long position in VeChain crypto but not in any other of the securities mentioned in this article, either directly or indirectly. 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.
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