Cryptocurrency Market Update: Celo Maintains While Cryptomarket Sees Decrease (09/04/2020)
In the recent cryptocurrency market, the market has seen a decrease in the value of most cryptocurrencies. Between has dropped below $11,000 and is currently priced at $10,534.19 at 07:04 PM EST.
Ethereum has also decreased in value from the $430 mark to now $389.28. The cryptocurrency has a decrease in pricing as it is correlating with the Bitcoin price.
Most cryptocurrencies not only experienced a decrease, but also a flash crash that caused most to fall below the resistance value. The only two cryptocurrencies that were able to sustain and maintain gains of the week include Celo and Omisego.
Celo is a new cryptocurrency that has been listed in Coinbase. The increase in value and maintenance of value could be due to the current listing. The coin serves as a method of payment and can be used with a mobile phone. While the cryptocurrency allows for its use as a payment method, it is also used to stabilize the stable coin that is being created from the Celo network. Similar to Maker, Celo aims to stabilize stable coins while allowing its coin to have value. The difference is that it aims that using a cell phone as the wallet and wallet address as the phone number.
The other cryptocurrency that has not decreased is the Omisego which stayed at the $4.10 amount. The token is created on the Ethereum network. It is currently gaining from the previous 24 hours with a 10% increase.