As the cryptocurrency market experiences an overall drawdown, one mid-cap altcoin is defying the trend.
The two bellwether cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), are down by around 5% and 10%, respectively, over the past seven days.
But Celo (CELO), a mobile-first platform focused on crypto payments and financial dApps (decentralized applications), has gone against the trend and is up by around 30% over the past week, according to CoinGecko.
CELO’s rise amid a market meltdown coincides with the Celo Foundation’s head of ecosystem growth Xochitl Cazador revealing that the Celo blockchain is recording approximately 500,000 daily transactions.
Cazador also said that the Celo ecosystem now has over 2,000 builders spread across 113 countries.
In late August, leading decentralized finance (DeFi) projects built on Ethereum announced an initiative aimed at taking DeFi to mobile smart devices by incentivizing building on Celo.
The Ethereum DeFi projects in the initiative include Aave (AAVE), Curve (CRV), and Sushi (SUSHI). Over $100 million in “educational initiatives, grants, and incentives” was also announced.
CELO’s recent surge follows another big 2021 milestone. In June, cryptocurrency exchange Coinbase listed CELO on its trading platforms.
At the time, CELO was ranked 122nd by market cap according to CoinGecko. CELO is currently ranked 65th.