This crypto blew away Bitcoin’s 5% gains today

Crypto currencies are highly volatile. They can rocket higher or plummet lower in a matter of hours.

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The Bitcoin (CRYPTO: BTC) price has rebounded over the past 24 hours, up 5% to US$34,533 (AU$45,438).

Today’s gains will come as welcome news to Bitcoin holders, who watched the price of the world’s biggest digital token drop below US$29,460 on Tuesday.

While Bitcoin has now gained 17% since Tuesday’s lows, it remains down 47% from mid-April’s US$64,829 all-time high.

Of course in the volatile world of cryptocurrencies, not all of the top-100 tokens gained today. While some gained far more than Bitcoin’s 5%.

This crypto blew away Bitcoin’s 5% gains today

Today’s best performing crypto is…drum roll please…Celo (CRYPTO: CELO).

One Celo is currently worth US$2.83. That’s up 25% in the past 24 hours, or 5 times more than what Bitcoin has gained.

While Celo is small in comparison to its big siblings like Bitcoin and Ethereum (CRYPTO: ETH), its market cap of US$695 million is nothing to sneeze at. And it ranks as the 85th largest crypto in virtual circulation.

So what exactly is Celo?

For that we turn to CoinMarketCap, which tells us:

Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users.

By using phone numbers as public keys, Celo hopes to introduce the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.

Celo is a relative newcomer to the crypto space, launched in May 2020.

While today’s 25% price gains are impressive, as a handy reminder of the inherent volatility in crypto prices, Celo was worth US$6.18 on 18 May this year. Meaning the price is down 55% in just 5 weeks.

So if you’re going to be an investor in Celo, Bitcoin or other cryptos, make sure you do it with money you can afford to lose.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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