{"id":2062,"date":"2022-04-05T07:42:31","date_gmt":"2022-04-05T06:42:31","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=2062"},"modified":"2022-04-05T07:42:31","modified_gmt":"2022-04-05T06:42:31","slug":"what-brought-celo-celo-to-a-one-month-high","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/what-brought-celo-celo-to-a-one-month-high\/","title":{"rendered":"What Brought Celo (CELO) to a One-Month High"},"content":{"rendered":"\n<p>One token stood out after crypto markets retreated in the beginning of the new week. As <a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-retreats-how-far-will-prices-dip\/\">Bitcoin (BTC) moved back<\/a> for a few hours $46,000, most altcoins also corrected and erased between 6% and 10%.\u00a0<\/p>\n\n\n\n<p>The only outlier was Celo (CELO) ranked at position 63, rising fast to a one-month high of $4.89 on a multi-day rally. CELO has been on an expansion streak in the past few weeks, though still far from its all-time high above $7.63. CELO trading has been choppy in less than a total year of trading, with still an easy chance for the asset to move to a new region of price discovery.<\/p>\n\n\n\n<p>CELO has a market cap of around $4.1B, still not touching the $5B tier. It is following the trend for breakouts among smaller tokens that follow a different trajectory. The latest rally happens on mid-range trading volumes around $564M.<\/p>\n\n\n\n<p>The rally arrives at a time for renewed interest in still untapped altcoins and tokens. The CELO rally coincided with a slide in BTC and a loss of dominance down to 41%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is CELO: Mobile-First DeFi Hub<\/strong><\/h3>\n\n\n\n<p>Celo has a separate blockchain built with proof of stake, but also compatible with the Ethereum Virtual Machine. The Celo network allows for the building of distributed apps and supports a native stablecoin backed by other crypto assets.&nbsp;<\/p>\n\n\n\n<p>Celo allows not only for infrastructure, but is also a fundraising platform for crypto-based startups. As such, Celo lines up with platform coins, though lagging behind the visibility and value locked on <a href=\"https:\/\/tradersofcrypto.com\/news\/solana-sol-rallies-on-news-of-opensea-market\/\">Solana<\/a>, Terra, Avalanche and more recently, <a href=\"https:\/\/tradersofcrypto.com\/news\/waves-waves-extends-rally-to-all-time-peak-near-60\/\">Waves<\/a>.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">List of startups that have raised funding within the Celo ecosystem in the last one year.    <a href=\"https:\/\/twitter.com\/hashtag\/CeloConnect?src=hash&amp;ref_src=twsrc%5Etfw\">#CeloConnect<\/a> <a href=\"https:\/\/t.co\/1HZ4aMuLli\">pic.twitter.com\/1HZ4aMuLli<\/a><\/p>&mdash; BitKE (@BitcoinKE) <a href=\"https:\/\/twitter.com\/BitcoinKE\/status\/1510932392223154180?ref_src=twsrc%5Etfw\">April 4, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Celo also carries the cReal stablecoin, building up its asset base similar to Terra and UST and Waves with its USDN dollar-denominated asset. Celo Real (cREAL) is the third stablecoin on the Celo protocol, aimed at being used in the context of fintech mobile-based payments.<\/p>\n\n\n\n<p>CREAL is still limited in its influence compared to stablecoins, but it is adding to the growth of the network. Celo is a fast blockchain producing a block every five seconds, and filled with meaningful transactions, based on the blockchain record.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is CELO Accessible<\/strong><\/h3>\n\n\n\n<p>Celo usage requires a new type of wallet specific to the network. There is a web version for small-scale payments and a desktop and hardware wallet app available. CELO is not available through browser extension wallets or Exodus wallet.&nbsp;<\/p>\n\n\n\n<p>The asset is available through Changelly and is<a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\"> traded on the Binance International exchange<\/a>. Coinbase wallet and the trading platform supports CELO for US-based and international users. Thus, CELO is available as much as large-scale assets, though lagging in market cap and visibility.\u00a0<\/p>\n\n\n\n<p>The goal of CELO is to be accessible as a mobile-first blockchain asset, while integrating seamlessly similar to a payment app. Celo is available through Crypto.com and has partnered with the Wormhole bridge for multi-chain access.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is CELO a Good Investment<\/strong><\/h3>\n\n\n\n<p>CELO is a volatile asset with a relatively short history, which has not picked a direction. Still, it is highly liquid compared to tokens with lesser exposure on exchanges.&nbsp;<\/p>\n\n\n\n<p>The immediate appreciation coincides with a live event, CeloConnect, and may be a response to short-term social media hype. The Celo meeting in Barcelona also coincided with the announcement of $20M investment plans to boost the development of more exchange ramps for CELO. Easy switching between crypto and fiat may be key for new platform adoption.<\/p>\n\n\n\n<p>But Celo has also shown attempts for partnerships. With a low per-unit price, CELO has a supply of 433M tokens, relatively close to the range of Solana with 325M coins. CELO could potentially turn to a higher valuation.&nbsp;<\/p>\n\n\n\n<p>Currently, CELO follows the path of secondary protocols like NEAR, which get a boost from locked value and the activity of their stablecoin. Opera Crypto also recently added Celo to its list of DeFi and platform protocols.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udea8We\u2019ve got massive news.\ud83d\udea8 We are excited to announce we are adding support for several major blockchain ecosystems, including <a href=\"https:\/\/twitter.com\/solana?ref_src=twsrc%5Etfw\">@solana<\/a>, <a href=\"https:\/\/twitter.com\/0xPolygon?ref_src=twsrc%5Etfw\">@0xPolygon<\/a>, StarkEx by <a href=\"https:\/\/twitter.com\/StarkWareLtd?ref_src=twsrc%5Etfw\">@StarkWareLtd<\/a>, <a href=\"https:\/\/twitter.com\/CeloOrg?ref_src=twsrc%5Etfw\">@CeloOrg<\/a>, <a href=\"https:\/\/twitter.com\/NervosNetwork?ref_src=twsrc%5Etfw\">@NervosNetwork<\/a>, <a href=\"https:\/\/twitter.com\/ixoworld?ref_src=twsrc%5Etfw\">@ixoworld<\/a>, and <a href=\"https:\/\/twitter.com\/Bitcoin?ref_src=twsrc%5Etfw\">@Bitcoin<\/a>!<a href=\"https:\/\/t.co\/nQx3telycK\">https:\/\/t.co\/nQx3telycK<\/a> <a href=\"https:\/\/t.co\/27hXt0bJ6I\">pic.twitter.com\/27hXt0bJ6I<\/a><\/p>&mdash; Opera Crypto (@Opera_Crypto) <a href=\"https:\/\/twitter.com\/Opera_Crypto\/status\/1509089854294011907?ref_src=twsrc%5Etfw\">March 30, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Celo is currently ranked 19th in terms of total value locked, with a still relatively small TVL compared to leading hubs of liquidity. Celo locks in around $576M, of which 76% is in the Mento DeFi startup. Mento is a stability algorithm that balances asset collaterals with the issuance of stablecoins, similar to Maker on Ethereum.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How High Can CELO Go<\/strong><\/h3>\n\n\n\n<p>In the short term, recent predictions see CELO go between $14 and $20. For a more bullish estimation, the $100 range is one possibility, mostly linked to the level of LUNA.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">What\u2019s your target price? And why? <a href=\"https:\/\/twitter.com\/search?q=%24CELO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CELO<\/a> <a href=\"https:\/\/t.co\/ob87I4HdiX\">pic.twitter.com\/ob87I4HdiX<\/a><\/p>&mdash; Celo Daily \ud83d\udd26 (@CeloDaily) <a href=\"https:\/\/twitter.com\/CeloDaily\/status\/1510813241923887109?ref_src=twsrc%5Etfw\">April 4, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>It is possible CELO retreats after the end of the Barcelona event, as the asset habitually wipes out 50% of its price. Celo remains one of the faster developments in DeFi space, where most of the major milestones and liquidity were wrapped up in less than a year.&nbsp;<\/p>\n\n\n\n<p>CELO is even close to its ICO price, where the funds were raised at $4.75 per token for a total of $6.5M. CELO is yet to rally as it has achieved very little gains since the token sale and even losses when denominated in ETH and BTC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Celo (CELO) rallied during the Celo Connect meetup in Barcelona, announcing a series of partnerships and multi-chain access.<\/p>\n","protected":false},"author":3,"featured_media":2063,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12,488,157,341,77],"class_list":["post-2062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-btc","tag-celo","tag-luna","tag-near","tag-sol","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/2062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=2062"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/2062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/2063"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=2062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=2062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=2062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}