What is Celo crypto and why is its price skyrocketing?

Highlights:

• Celo is organizing an event in Barcelona called 'celo connect'. The event will take place between April 4 to April 5.
• CELO crypto is the native token of the Celo network, and it is a proof-of-stake token.
• CELO crypto's total and maximum supply is one billion, and its circulating supply is 427.4 million CELO tokens.

The price and volume of Celo (CELO) crypto skyrocketed on Thursday, March 17, and at the time of drafting, Celo crypto was up 33 per cent over the previous day and trading at US$ 3.27 per token.

The one-day volume of Celo crypto skyrocketed over 700 per cent to US$ 528.7 million. According to CoinMarketCap, Celo crypto ranks at the 65th spot out of 18,298 virtual currencies listed across several exchanges.

What led to a spike in Celo crypto's price?

There could be two reasons behind Celo crypto's price surge. Firstly, the cryptocurrency market appears to be recovering from the recent crash caused by the waging war between Russia and Ukraine.

At 3 AM EST, the global crypto market cap was up 3.3 per cent to US$ 1.81 trillion. Meanwhile, the total crypto volume surged 7.2 per cent to US$ 95.95 billion.

The two top cryptocurrencies, Bitcoin and ETH, were up 3.5 and 4.5 per cent, respectively. Also, the overall crypto market traded in the green as alternative cryptocurrencies to Bitcoin made gains in the last 24 hours.

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Secondly, Celo is organizing an event in Barcelona called 'celo connect'. The event will take place between April 4 to April 5, and Celo announced the list of speakers on Twitter, which could have attracted investors' attention.

What is Celo?

It is a blockchain technology-based ecosystem designed for encouraging mass adoption of cryptocurrencies among smartphone users. The official website states that it is on a mission to create a financial system that brings prosperity for everyone.

Celo network promotes decentralized finance (DeFi) infrastructure and allows users to create decentralized applications and smart contracts. The protocol's mainnet was launched in April 2020.

CELO crypto is the native token of the Celo network, and it is a proof-of-stake token. CELO token can be used to pay the network's transaction fees and vote on issues related to the network.

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Bottom line

CELO crypto's total and maximum supply is one billion, and its circulating supply is 427.4 million CELO tokens. It is an ERC-20 token listed on cryptocurrency exchanges like Coinbase Pro and Bittrex.

As the cryptocurrency market has more volatility than traditional markets, investing in virtual currencies is risky, and an investor must evaluate the risk capacity before investing.

Also Read: Why Waves (WAVES) crypto rallied around 100% in a month?

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