Celer’s price has been on the rise since March 13, and is up more than 96.8% in the past fourteen days. At the time of writing, Celer (CELR) was trading at $0.07482, below a daily high of $0.08257, although still in the green with a gain of 9.23% in the past 24 hours.
It’s been an incredible week for the majority of altcoins with some shooting to the moon after some huge announcements. Bitcoins like Bitcoin have also seen significant price increases that have been three months high since it plummeted following the Russian invasion of Ukraine in February.
This article focuses on the forces behind CELR’s current price rally.
Why is the CELR price rising?
Before we get into what’s behind the price hike, it’s 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. The original token is CELR.
The main reasons why the CELR price is rising are the CERL selection as an interoperability layer, the inclusion of the new blockchain in its cBridge products and the support for Conflux eSpace.
CELR selected as interoperability layer
Since CELR uses off-chain transaction processing to reduce transaction costs while increasing processing speed, it has been selected as an interoperability layer for BSC Application Sidechain (BAS) on BNB Smart Chain, increasing the value of CELR.
Celer support for Conflux eSpace
The network has added Conflux eSpace bridging functionality to its protocol to give users a choice between blockchain interoperability.
Celer Network announced via a blog post on March 29 that it will begin the integration by offering five items as kick-off support for Conflux eSpace as they prepare to add more resources in the future. In addition, Celer has added more than 20 blockchains to its ecosystem.
Inclusion of the new blockchain in its cBridge products
cBridge, one of Celer Network’s unique products, has added a new blockchain to support cross-chain transactions between blockchains. This will allow customers to connect their assets through the Conflux network and Ethereum, as well as a secure connection of two crypto asset blockchains.