Cronos (CRO), the native token of cryptocurrency exchange Crypto.com, experienced a remarkable surge of over 18% within a 24-hour period. This rally follows the filing by the Trump Media & Technology Group on March 5, 2024, for an exchange-traded fund (ETF) designed to provide exposure to various digital assets, including CRO.
The announcement led to an astonishing increase in CRO’s trading volume, which skyrocketed by 1911.41% to nearly $224 million. This surge indicates strong trader interest and heightened liquidity in the market, allowing CRO to outperform major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
At the time of writing, CRO was trading at $0.09513, reflecting an increase of 18.7%. According to data from Benzinga Pro, this uptick has brought CRO to levels not seen in almost a month.
Impact of Trump Media’s ETF on Crypto Market
The filing for the ETF, named “Crypto Blue Chip,” aims to directly hold a basket of major digital assets, with CRO being a notable inclusion. The co-founder and majority owner of Trump Media, Donald Trump, has previously expressed positive sentiments towards cryptocurrencies, stating that “Bitcoin takes a lot of pressure off the dollar.”
Despite the positive momentum for CRO, shares of Trump Media experienced a slight decline of 0.47% in after-hours trading, closing at $19.26 after a regular session increase of 2.83%. Analysts noted that the stock ranks low on Momentum and Value scores, indicating potential challenges ahead.
The interest generated by Trump Media’s ETF filing highlights the growing intersection between political figures and the cryptocurrency landscape. As the digital asset market continues to evolve, the implications of such initiatives warrant close attention from investors and market participants alike.
In summary, the recent developments surrounding Trump Media and the resultant surge in Cronos token reflect a significant moment in the cryptocurrency sector, driven by strategic movements and renewed investor enthusiasm.
