As the crypto market experiences a general downturn, a mid-cap altcoin is defying the trend.

The two largest cryptocurrencies, Bitcoin and Ethereum, have fallen by around 10% and 16%, respectively, over the past seven days.

But Celo (CELO), the mobile-first platform focused on crypto payments and financial dApps, has bucked the trend and is up about 27% in the past week.

Source: TradingView

CELO’s rise comes amid a market downturn that coincided with Celo Foundation’s ecosystem development director Xochitl Cazador, revealing that the Celo blockchain is recording around 500,000 transactions daily.

Cazador also said the Celo ecosystem currently includes more than 2,000 home builders in 113 countries.

In late August, leading Ethereum-based DeFi projects announced an initiative to bring DeFi to mobile, smart devices by creating incentives to build on Celo. These projects include Aave, Curve, and Sushi.

The recent rise of CELO follows another important project milestone this year. In June, Coinbase listed CELO on its trading platforms.

At that time, CELO was in 122nd place in terms of market capitalization, but has now climbed to 57th place.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page