One Altcoin Is up 78% on Weekly Charts – Signs of Market Recovery
One new small-cap altcoin is going against the widespread downturn that has been brutal on Bitcoin and the altcoin markets in the past weeks, although there are now signs of recovery.
The altcoin is Celo (CELO), a global payments infrastructure platform, which has spiked more than 50% in the past week. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Cardano (ADA) are also showing signs of recovery, but not in Celo levels.
The platform’s governance and utility asset is trading at $3.38 at time of publication, according to CoinMarketCap.
Celo is backed by big names crypto industry such as Coinbase, Polychain Capital, and Andreessen Horowitz, among others.
Celo project calls itself the “platform for mobile DeFi,” has also backing from two huge figures in the social media world – LinkedIn founder Reid Hoffman and Twitter founder Jack Dorsey. German Telecommunications powerhouse Deutsche Telekom has also invested stake in the Celo network.
One reason for the asset’s price soar might be that is that Deutsche Telekom and Andreesen Horowitz both announced last week that they had partnered to stake CELO tokens on Celo’s public blockchain network. Staking is a process where a user on the network can earn rewards on their ‘staked’ crypto assets by depositing coins into the protocol to validate network transactions.
Katie Haun, general partner at Andreessen Horowitz, said:
“We partnered with Deutsche Telekom because their incentives align with Celo’s vision of building a global payment platform that can be used by anyone with just a mobile phone.”
Although the crypto asset has significantly outperformed the markets in the past week, CELO is down more than 50% from its all-time high of $7.32, which it reached on May 18th amid a market-wide rally.
