Celo has been one of the well-performing cryptocurrencies in the weekly timeframe due to some recent developments by the network. While the cryptocurrency market is struggling to maintain bullish momentum, Celo coin established a new all-time high. The cryptocurrency’s new ATH lies at $10.66 and was established three days ago. At the time of writing, the cryptocurrency stands at a price level of $5.63 – down by 47% from the ATH. The coin suffered from subsequent market corrections after the ATH was recorded but that does not indicate an end to the strong bullish momentum. The on-site metrics indicate a decline in Celo in the daily timeframe but the upcoming price movements will reveal if the cryptocurrency intends to stay bearish.
What is Celo?
The cryptocurrency was founded in 2017 by Rene Reinsberg, Marek Olszweski and Sep Kamwar. All of the founders have a strong background which places Celo in good hands. The development team has names from some of the renowned institutions of the world like MIT, GoDaddy etc. The platform is focused on providing infrastructure for the digital global payment ecosystem. Celo targets mobile users and facilitating cross-border payments through mobile phones. Apart from payments, the network also provides the creation of decentralized applications on the blockchain.
Celo network employs Byzantine Fault Tolerance consensus mechanism which ensures decentralization and security by seamlessly connecting distributed computers. The network is run by Light Clients – applications on mobile phones – Validator nodes that provides consensus and Full Nodes which bridges Lights Clients and Validators. The network also has its native governance token CELO as well as a stablecoin pegged to the US dollar, cUSD, for stability.
Why can Celo regain bullish momentum?
In a growing capitalist world, Celo focuses on a segment of the market that is often ignored in the global financial ecosystem – the unbanked – through its focus on mobile payments. The developing world does not have the necessary infrastructure to be part of the larger financial ecosystem which is a gap Celo is bridging. This has also made the network popular with social organizations. Recently, CARE USA – a poverty relief fund – partnered with Celo for a project in Latin America. CARE aims to utilize the fast and reliable mobile payment system of Celo to deliver aid to Ecuadorian women in need of health services.
Celo has also formed a consortium with other leading DeFi projects like Aave, Curve and Sushi for a $100 million fund which is aimed at boosting DeFi adoption. Other than this, the development team has also upgraded the liquidity mining programs to increase incentives for miners. The recent developments can definitely help boost the value of the cryptocurrency in the upcoming days.
