Why is Celer (CELR) price rallying?
Celer price has been on the rise since March 13 and it has gained more than 96.8% over the last fourteen days. At the time of writing, Celer (CELR) was trading at $0.07482 down from a daily high of $0.08257 though still in the green with a rise of 9.23% in the last 24 hours.
It has been an incredible week for the majority of the altcoins with some shooting to the moon following some huge announcements. The likes of Bitcoin also saw significant price gains hitting three months high since it plummeted following the Russian invasion of Ukraine in February.
This article focuses on the forces behind the current CELR price rally.
Why is the CELR price rising?
Before getting into what is behind the price surge, it is important to first explain what Celer is.
In a nutshell, Celer, or Celer Network, is a layer-2 scaling solution designed to provide simple, fast, and secure off-chain transactions for smart contracts and payments. Its native token is CELR.
The main reasons why the CELR price is surging are CERL selection as an interoperability layer, inclusion of the new blockchain in its cBridge products, and its support for Conflux eSpace.
CELR selected as an interoperability layer
Since CELR uses off-chain transaction handling to reduce transaction cost while increasing processing speed, it has been selected as an interoperability layer for BSC Application Sidechain (BAS) on BNB Smart Chain, thus increasing the value of CELR.
Celer support for Conflux eSpace
The Network has added Conflux eSpace bridging functionality to its protocol to provide users with the choice of blockchain interoperability.
Celer Network announced via a blog post on 29th March that it will start its integration by offering five items as their kick-off support for Conflux eSpace as they prepare to add more assets in the future. Besides, Celer has added over 20 blockchains to its ecosystem.
Inclusion of the new 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. This will allow customers to connect their assets across the Conflux network and Ethereum as well as allow secure connection of two blockchains for crypto assets.