Since March 13, Celer has seen a rise in price and has increased by more than 96.8% in the past 14 days. Celer (CELR), a cryptocurrency, was trading at $0.07482, down from $0.08257 per day but still in the green after a rise 9.23% over the last 24 hours.
The week has been extraordinary for most altcoins, with some going to the moon after big announcements. Bitcoin saw notable price gains, reaching three months high after it plunged following the Russian invasion in Ukraine in February.
This article will focus on the factors that led to the current rally in CELR prices.
Why is the CELR’s price on the rise?
Before we get into the reasons for the price rise, it is important that Celer be explained.
Celer (or Celer Network) is a layer-2 scaling solution that provides secure, fast and simple off-chain transactions for smart contract and payment transactions. Its native token is CELR.
The main factors driving the CELR price to soar are CERL selection for interoperability, inclusion of the blockchain in its cBridge products and support for Conflux eSpace.
CELR is selected for interoperability layer
CELR’s off-chain transaction handling reduces transaction costs while increasing processing speeds. It has been chosen as an interoperability layer on BSC Application Sidechain, BNB Smart Chain. This will increase the CELR’s value.
Celer support for Conflux eSpace
Conflux eSpace bridging technology has been added by the Network to its protocol, allowing users to choose between blockchain interoperability.
Celer Network posted a blog entry on 29 March stating that they will begin their integration by offering Conflux eSpace five items as kick-off support. They are preparing to add more assets over time. Celer also has over 20 blockchains in its ecosystem.
Inclusion of the blockchain in its cBridge Products
cBridge, one of the Celer Network’s unique products, has added a new blockchain to aid cross-chain transactions across blockchains. Customers will be able to connect their assets across Ethereum and Conflux networks. This will also allow for secure connections between two blockchains that can be used to store crypto assets.