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.

| More on:
A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

sdf

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.

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.

More on Cryptocurrencies

A smiling woman holds a Bitcoin token in her hand.
Cryptocurrencies

US$10,000 invested in Bitcoin 3 years ago is now worth…

Crypto investors have realised some outsized gains on their Bitcoin investments over three years.

Read more »

Man holding a calculator with Australian dollar notes, symbolising dividends.
ETFs

$10,000 invested in CRYP ETF a year ago is now worth…

This exchange-traded fund allows investors to gain exposure to cryptocurrency in a different way.

Read more »

Ethereum symbol in green.
Cryptocurrencies

Cryptocurrency comeback: Here's why Bitcoin and Ethereum are climbing again

Ethereum’s trading price has shot up 42.28% over the past month.

Read more »

Bitcoin coin with a rising arrow.
Cryptocurrencies

The Bitcoin price just leapt to new all-time highs. Here's why

The Bitcoin price just smashed through US$110,000. But what’s driving the rally?

Read more »

Bitcoin coins in a pile.
Cryptocurrencies

What's happening with the Bitcoin price amid the Trump tariff market panic?

You may have heard Bitcoin referred to as ‘digital gold’. But is it really a haven asset?

Read more »

A graphic picture of gold Bitcoins with the Bitcoin symbol lying on a desk with arrows shooting higher and one arrow lifting off the flat surface pointing to the sky.
ETFs

Dip your toes into cryptocurrency with these 2 ASX ETFs

Interested in cryptocurrency?

Read more »

Bitcoin symbol with a rising green arrow.
Cryptocurrencies

Bitcoin surges: How to invest through the ASX

Wanting to gain exposure to the cryptocurrency? Check out these two options.

Read more »

Bitcoin coins in a pile.
Cryptocurrencies

Here's what owning Bitcoin for 7 years has taught me

Bitcoin has been a fantastic investment for me, but not without its pitfalls.

Read more »