Celer Network (CELR) Soars 11% Amidst General Bearish Trend

Celer Network (CELR) is currently experiencing a market pump amidst a general crypto fall. In a week in which several assets have bled with significant losses, CELR has repaid investors’ confidence gaining 10.8% in the last seven days.

According to more data from Coingecko, CELR has gained by 26.3% in the last two weeks representing a far better market performance than market giants Bitcoin (BTC), and Ethereum (ETH), within the same period.

However, it must be said that CELR is a long way from its market price as of this time last year, with a staggering 44.4% decline from its year-to-date value. 

That said, much of CELR’s price growth in the past week has been driven by a series of announcements by the project, sparking excitement among the user community and increasing traction on the network. 

At press time, CELR is trading around $0.0264, having gone up by 3.2% in the last 24 hours. Based on more data from Coingecko, the ERC-20 token has a daily trading volume of $60.67 million and a total market cap of $149.65 million.

For most investors, it is little to no surprise that Celer has managed to stay above the waters during this crypto storm, as the blockchain network has recorded various exciting developments in the last few weeks. 

On April 19, Celer Network announced the expansion of its support for the zkSync Network. According to Celer’s Twitter post, users can now utilize the cBridge, the network’s multi-chain cross-layer asset bridge, to bridge ETH and USDC between the zkSync Era network and over 10 other blockchains, including Ethereum, BNB Chain, Avalanche, Polygon, etc. 

The zkSync project is a layer-two scaling solution designed to scale operations on the Ethereum network using zero-knowledge (zk) technology. It is currently one of the nascent and most exciting technologies in the crypto space following the launch of its Alpha Mainnet last month.

In addition to the expansion of its zkSync coverage, Celer Network also unveiled its collaboration with Polygon as one of the initial launch partners of the project’s zkEVM upgrade.

The developer’s team stated that the cBridge would provide support for bridging ETH between Polygon zkEVM and other networks, including Ethereum, Fantom, Optimism, Arbitrum, BNB Chain, Avalanche, and the Polygon Mainnet. 

Meanwhile, BitGo, one of the most popular names in the crypto space, also announced support for CELR this week. BitGo is a leading digital asset security and custody company with over 1,500 institutional clients in 50 countries, including top cryptocurrency exchanges, trading platforms, regulated entities, etc.