Crypto.com Coin Makes a Big Move: Hits Multu-Month High

It was not a particularly great day for the cryptocurrency sector on Wednesday but there were still gems to be found and one of those was the Crypto.com Coin.

Major Trigger

It defied the trend in the overall market and managed to clock gains of as much as 21.4% over a 24 hours period up until 12-20 pm Eastern Time yesterday. The rally in the coin was brought about from an announcement from the company Crypto.com that was more in line with regular businesses and that may have led to a degree of excitement. 

Yesterday it emerged that the company as looking to sponsor the iconic sports arena known as the Staples Center. Crypto.com is currently privately held and earlier on this week, it emerged that it was going to spend a staggering $700 million in order to get the naming rights to the sports arena for the next twenty years.

It was also announced that the name change is going to go into effect on Christmas Day this year. Such a deal can lead to considerable publicity for the company and also the Crypto.com Coin, which is why the rally in the coin was perhaps not entirely surprising.