Celer Network (CELR) is proving to be a resilient cryptocurrency amidst a general market downturn. While other assets have suffered significant losses, CELR has been able to maintain investor confidence by gaining 10.8% in the last seven days. In fact, according to CoinGecko data, CELR has gained by 26.3% in the last two weeks, outpacing market giants Bitcoin (BTC) and Ethereum (ETH) during the same period.
Although CELR’s current market price is far below its value at this time last year, having suffered a staggering 44.4% decline from its year-to-date value, the past week has seen a surge in price growth. This has been attributed to the network’s recent announcements, which have generated excitement among users and increased traction on the network.
At the time of writing, CELR is trading around $0.0264, marking a 3.2% increase in the last 24 hours. The ERC-20 token has a daily trading volume of $60.67 million and a total market cap of $149.65 million, according to CoinGecko’s data.
One of Celer Network’s most significant recent announcements was the expansion of its support for the zkSync Network, which the network revealed on April 19. Through the network’s multi-chain cross-layer asset bridge, the cBridge, users can now bridge ETH and USDC between the zkSync Era network and over 10 other blockchains, including Ethereum, BNB Chain, Avalanche, and Polygon. The zkSync project is a layer-two scaling solution built for the Ethereum network, utilizing zero-knowledge (zk) technology.
In addition to the expansion of its zkSync coverage, Celer Network has also announced its collaboration with Polygon as one of the initial launch partners of the project’s zkEVM upgrade. Through the cBridge, the network will provide users with support for bridging ETH between Polygon zkEVM and other networks, including Ethereum, Fantom, Optimism, Arbitrum, BNB Chain, Avalanche, and the Polygon Mainnet.
Another development that has contributed to CELR’s recent surge in price growth is BitGo’s announcement of its support for CELR. BitGo is a leading digital asset security and custody company with over 1,500 institutional clients in 50 countries. The announcement is a significant endorsement of Celer Network, and it has undoubtedly added to its robustness as an investment opportunity.
In conclusion, despite its previous year-to-date decline, Celer Network has proven to be resilient in the current market downturn. The network’s recent developments have generated excitement among users and investors, resulting in increased traction on the network and a surge in price growth. With the crypto market’s volatility, it’s challenging to predict what will happen to CELR’s price shortly, but it is definitely one to watch.
