Bitcoin price declined 7.5 percent against the US Dollar and settled below $45,000. Ethereum is trading below $3,200 and Cardano below $2.15. The largest meme coin, Dogecoin, is trading at just over $0.20. Meanwhile, the popular altcoin Celo (CELO) was the only altcoin to rise.
BTC, ETH, ADA, DOGE drop
cryptocoin.com As we reported, Bitcoin (BTC), which changed hands from $ 48,420 yesterday, experienced a sudden decrease in the morning hours and retreated to levels below $ 45,000. It is worth noting that the cryptocurrency, which ranks first in terms of market value, has lost 7.5% in the last 24 hours.
Ethereum (ETH), which ranks second by market capitalization, also fell sharply in the same time frame. The cryptocurrency slumped from $3,655 to $3,123. It has lost almost 10% of its value in the last 24 hours. Cardano (ADA), on the other hand, was down 11.3 percent from $2.57 to $2.11. Finally, Dogecoin (DOGE), the largest meme coin, slumped 10 percent from $0.257 to $0.216.
Meanwhile, the only altcoin to rise was Celo (CELO).
While a red color is dominant in the crypto money market and the total market value of cryptos has decreased below 2 trillion dollars; CELO, the token of the Celo ecosystem, whose main goal is to provide the convenience of decentralized finance (DeFi) to smartphone users all over the world who do not have access to a bank, experienced an increase of more than 10 percent. CELO, a utility token using a proof-of-stake consensus mechanism, is designed to streamline transactions and governance processes on the platform.
The Celo ecosystem has come up with many partnerships in the last month. He partnered with Forbes to present a virtual event about CBDCs and cryptocurrencies. The stablecoin of the Celo network, cUSD, has been integrated by PayU as a payment option. Also, D’Cent Wallets has integrated Celo. Partnership with Knit Finance, Dunia Pay, Mobius Money, Ramp Network, TrueFeedBack, Saddle Finance was announced.
Celo announced late last month that it joined a consortium of DeFi organizations, including Aave, SushiSwap, Curve, 0x, PoolTogether. In this consortium, they announced a joint education effort aimed at raising global awareness of decentralized finance, for which they promised grants and incentives of up to $100 million. Following this news, CELO benefited the most and instantly gained over 100 percent in value.
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