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Highlights
- Celo is a crypto-based blockchain that acts as a worldwide payment platform for cryptocurrencies.
- Celo has two native tokens - CELO and Celo Dollars (cUSD), a stable coin attached to the value of the US dollar.
- CELO token price has surged over the past few weeks.
The cryptocurrency market seems to be struggling again as the week commenced with Bitcoin going sideways and failing to remain above the US$ 48,000-mark.
In the last 24 hours, the world's oldest cryptocurrency dipped by one per cent and was trading at US$ 47,506.72 per token at the time of writing this. Altcoins like Cardano and Binance Coin also declined by 0.6 per cent and one per cent in the past one day, respectively.
However, some altcoins have managed to break free from the bearish sentiment and surge, surprising many crypto enthusiasts across the world.
Cryptocurrency Celo (CELO), for one, surged by 56.5 per cent in the last 24 hours and clocked an all-time high of US$ 9.82 per token on Monday, August 30.
Let us take a closer glance at Celo and its performance.
What is Celo crypto?
Celo is a blockchain infrastructure that acts as a worldwide payment platform for cryptocurrencies. It is unique because of its mobile-first platform that helps mobile phone users to access digital currencies easily.
As per the company website, Celo aims to make financial services accessible to everyone. It can be used to send and receive payments from any phone number in the world.
Apart from its payments services, Celo also has a decentralized financial (DeFi) infrastructure that supports the development of decentralized applications on its blockchain.
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Celo has two native tokens — CELO, which is said to act as the governance asset used for voting changes on the blockchain protocol, and Celo Dollars (cUSD), a stable coin attached to the value of the US dollar.
Also Read: What is Arweave? What is AR crypto’s price prediction?
CELO’s price movement and prediction
According to CoinGecko, CELO token surged by 137 per cent in the last 30 days and catapulted by 108 per cent in the past week. The cryptocurrency holds a market capitalization of US$ 870.5 million at the moment.
The surge in CELO’s token price came as the company announced raking in a funding of about US$ 100 million from several Ethereum DeFi protocols.
Celo is also starting a ‘DeFi for the People’ initiative with the aim to make decentralized financial services accessible to some six billion smartphone users around the world.
If the current momentum continues, CELO token could reach a price level of US$ 15 by the end of this year.
Also Read: Dromos crypto: Price prediction and everything to know about DRM token
Bottom line
People looking for decentralized financial services could turn their attention to Celo as it can offer services through smartphones.
Investors could also explore CELO tokens as they are likely to play a significant role as the blockchain protocol changes.
