Celer Network (CELR) token price is up 7% in the last 24 hours; a continuation of the bullish trend that started after Celer Network launched its mainnet cBridge 2.0.
The CELR price surged immediately after the cBridge 2.0 launch and then took a slight retracement towards the end of Sunday, Nov. 21. The retracement has come to a close and the price is once again bullish.
What Is Celer Network?
Celer Network is a layer-2 scaling platform that brings fast, secure, and low-cost blockchain on Etherium, and Polkadot, among other DeFi supoorting blockchains. It is similar to Loopring blockchain.
Celer launched the world’s first Generalized State Channel Network (GSCN) and it continues to be one of the leaders of layer2 scaling by utilizing advanced Rollup technology.
Why Is Celer Network (CELR) Price Rising?
The core applications and middlewares like cBridge, layer2.finance and more ecosystem applications built on Celer have attracted more large audiences in blockchain interoperability, Decentralized Finance (DeFi), and gaming space.
CELR price is rising because more users are realizing this potential of layer-2 scaling solutions.
Moreover, Celer network recently announced the launching of the cBridge 2.0 mainnet to celebrate the achievement of $1 billion in cBridge 1.0.
🚀How about launching cBridge 2.0 to celebrate $1B vol on 1.0?
🖱️One-click UX, lower costs
🍰Easy LP life, no node needed
🛠️Multichain dApp SDK
💂Value capture through SGN staking
🛡️3 audits, $2M bug bounty
⛏️Liquidity mining soon
📈To $2B and beyond!https://t.co/NXG0I98f5H
— CelerNetwork (@CelerNetwork) November 18, 2021
The cBridge enables instant, low-cost and ANY-to-ANY value transfer within and across Ethereum’s layer-2 chains and cBridge 2.0 is an improvement of the cBridge 1.0.
Currently, CELR is trading at $0.14 UP and is up over 8.5% in the last 24 hours.
CELR is the 118th largest cryptocurrency in the market with a total supply of $10 billion, a circulating supply of $6 billion, and a current market cap of $905 billion.
Cryptocurrency trading is becoming more mainstream as the number of users increases, this will further be increasing the gas prices on the Layer-1 networks like Ethereum.
Investors are expecting CERL price to cross the $0.25 average threshhold in 2022 as layer-2 solutions are becoming more necessary.