According to Statista, there were 7.1 billion mobile phone users in 2021 alone. That is an impressive number. The problem is, most of these people have no access to cryptocurrencies because they cannot conveniently transact them on their phones.
The problem with most blockchain networks is that they rely on complicated cryptography to facilitate transactions. The majority of people, especially those living in less developed countries, lack the financial literacy to use such platforms, and as a result, most of them are excluded from gaining access to cryptocurrencies.
For example, the Ethereum network requires users to possess a minimum of technical skills in order to conduct transactions.
This can make it difficult for people to transact cryptos on their mobile phones instead of more traditional payment modes such as debit/credit cards and PayPal.
Celo has been designed with ease-of-use in mind, and this is the main reason it is quickly becoming one of the most popular blockchain projects.
The platform’s technology makes payments between users simple and fast by allowing them to be sent directly from a phone number to another without asking for a public key or long, complicated addresses.
In this guide, we take a look at Celo’s price predictions and find out if the project has what it takes to become a major player in the crypto industry.
Let's start with the basics.
- What Is Celo?
- CELO Price History
- CELO Price Prediction For 2022 And 2023
- CELO Price Prediction For 2024 And 2025
- CELO Price Prediction For 2026 And Beyond
- Factors That Will Affect The Price Of CELO In The Future
- The Future Of Celo: Will The Value Of CELO Rise?
- Conclusion: Is CELO A Good Investment?
What Is Celo?
Celo is a mobile payment platform that aims to make sending and receiving cryptocurrencies easy and fast. The Celo wallet allows users to send and receive cryptos with nothing but their phone numbers.
Celo’s main goal is to make cryptos easily accessible to anyone regardless of their economic status. The current blockchain infrastructure makes it difficult for most people with no technical know-how to access cryptocurrencies.
Celo targets the root of the problem by allowing payments between users on its network through phone numbers, thus opening up crypto markets to a larger percentage of the world’s population.
In addition, Celo provides an opportunity for developers who want to build decentralized applications on its blockchain as it allows them to use the same programming languages as those used to create Ethereum Dapps.
This is because the platform is open source and EVM-compatible, which means anyone can build a dApp on it.
Celo has two native tokens. They include CELO, a governance token that allows holders to vote on changes to the protocol.
Meanwhile, Celo Dollars (cUSD) are pegged 1:1 to the US dollar and are useful for merchants who want to remain price-neutral while accepting cryptocurrencies.
In addition, Celo supports fiat currencies which means you can send and receive cryptos as well as fiat currencies such as Dollars, Yen and Euros through mobile phones.
Celo is also ideal for merchants since it allows them to use the network to accept cryptocurrencies without having to risk volatility by storing their digital assets in a wallet that they do not control.
Instead, they can settle purchases made in cryptocurrencies using cUSD, which are pegged 1:1 to the US dollar.
CELO Price History
Although CELO is said to have been created back in 2017, it didn’t start trading until 2020. The smartphone-first cryptocurrency project had a slow start in the market despite its high starting price of around $2.5. About two days in the market, the price fell by 40% as the initial launch buzz gradually died down.
However, the crash didn’t last long, and soon CELO was fighting its way back to the $2 price point. In early July, it managed to reach $1.9, then had a small correction to around $1.6 towards the end of July.
At the start of August, CELO began scaling the charts again, and by the end of that month, it had a certain jump and reached $4.5 per coin. The price jump is said to have been caused by social media speculations which means that CELO was highly volatile at that time and could slump at any time.
About two weeks later, the coin dropped by more than half and by mid-September, it was trading at just above $2. Towards the end of September, CELO had rejuvenated and was going at $3.9 per coin. However, it began dropping again, and by the end of 2020, it was trading at lower than $1.5.
As a result, the coin began 2021 on a bearish note, trading at around $1.2 per coin. Most experts predicted the price to fall further, with Wallet Investor predicting that it would go to as low as $0.7 by the end of the first month of 2021.
However, the cryptocurrency market had something else in store for CELO and most other cryptocurrencies. Starting from January, most of the coins began rising in what would become one of the most interesting market-wide bull runs in the cryptocurrency industry.
CELO was not left behind, and by mid-February 2021, it was trading at above $5. Unfortunately, by the end of February, the coin had dropped down to around $3.3. CELO, however, didn’t give up, and soon, it picked up momentum and began scaling the price charts again.
Towards the end of April, it crossed $6 and then fluctuated a little before dropping back to $4.5 in mid-May and then back to $6 a few days later.
At the end of May 2021, the effects of the market-wide bull run were beginning to wear off, and CELO, along with many other cryptocurrencies, began crashing. The coin slumped down to $2.7 and then further to $1.9 in late June.
However, before June came to a close, CELO began rising again and reached $4.4. Unfortunately, it dropped again and closed the month at $3. The downtrend continued until mid-July where the coin was trading at as low as $2.2.
It then recovered in late August and crossed $3 again on August 23rd. This was followed by a more than 140% gain in a week that saw CELO closing that month at $10.66. This is its current all-time high price.
However, as expected with any certain price jump, the price dropped and began September at as low as $4.3. By the end of the month, it had managed to cross $7 again.
There were wild fluctuations going forward, with CELO bouncing between $6 and $3 before closing the year at around $4.8.
CELO is currently trading at $3.09, according to CoinMarketCap. It has a market cap of $1.2 billion and a fully diluted market cap of around $3 billion.
This makes it the 74th biggest cryptocurrency by market cap and dominates around 0.07% of the market. The coin is projected to have a return on investment (ROI) of about 274.58%.
CELO Price Prediction For 2022 And 2023
Although CELO recently crashed after reaching its all-time high price, it shows good signs of rebounding and might start 2022 on a positive note. In fact, according to Coin Price Forecast, the coin might go to as high as $15.06 by the end of 2022.
That is about 388% gain from the current price, which is not bad at all. However, according to Coin Price Forecast, the journey through 2023 might be a bit troubled, with CELO recording a lot of volatility. It might then close the year at around $17.19, which is not far from its prediction for 2022.
Gov Capital is also fairly bullish and predicts that CELO will have a fairly good start in 2022.
Gov Capital’s predictions usually show a lot of volatility which is true for most cryptocurrencies in the market. CELO, for once, has proved to be very volatile with the price changing unpredictably.
That’s why we find Gov Capital predictions to be more reliable than those of, say, Wallet Investor, which projects a mostly linear trajectory.
So, according to Gov Capital, CELO will touch $7 per coin around mid-May but won’t go to $8 and $9 until towards the end of August. In between, the coin will mostly be bouncing from one price to another.
CELO will then kick off September at around $9.53 and then cross $10.08 towards the end of the month, briefly touching the $11 mark. Going forward, it will mostly trade between $9 and $10 until the end of the year.
Gov Capital predicts that CELO will then kick off 2023 at $10.53 and then quickly jump to $18 in the beginning of Febriary.
The coin might, however, not go to $25 per coin until around mid-August where it will close that month at $27.13. That means that it will reach $28.09 somewhere in September before closing the year at $29.64.
Wallet Investor gives a drudgy and unsurprisingly linear price projection. According to the site, CELO will trade mid-year at around $5 and then grow gradually to close the year at $6.39. There will be very little price change in between, with the coin mostly going up.
The same goes for 2023, with Wallet Investor predicting that CELO will start the year at $6.34 and close at $8.63.
Priceprediction.net is slightly more hopeful than Wallet Investor and predicts that CELO will close 2022 at $7.88 and 2023 at $11.45
As you can see, we can expect a pretty interesting ride for CELO in 2022 and 2023. Based on these predictions, the coin could go to as high as $30 by 2023 if it encounters the right market conditions.
Don't Miss: Celo Price Predictions
CELO Price Prediction For 2024 And 2025
In 2024 and 2025, we can expect to see even bigger price predictions for CELO. Price predictions sites Gov Capital and Coin Price Forecast are still bullish and see great potential in the next two to three years.
For instance, Gov Capital see CELO going as high as $53.81 in 2024 and up to $82.63 in 2025. These might seem like predictions on the conservative end, but we actually find them fairly bullish compared to the others we have seen.
For instance, Priceprediction.net predict that CELO will only trade at as high as $16.16 and $23.71 in 2024 and 2025, respectively. That is very low in comparison to Gov Capital which is why we think the former is much more bullish.
Coin Price Forecast, on the other hand, is just as bullish as Gov Capital, although its figures for 2024 and 2025 are a bit lower. The crypto price tracker predicts that CELO will end 2024 and 2025 at $24.77 and $27.85, respectively.
Wallet Investor is more on the conservative end and predicts that CELO will only go as high as $10.76 in 2024. The coin will be worth around $8.52 per token at the start of January 2024 and won’t cross to $10 until late August.
2025 won’t be any different, with Wallet Investor predicting that CELO will kick off at $10.8 and then grow steadily to cross $11 per coin in February before going to $12 around mid-July. It will then close the year at about $13.05.
CELO Price Prediction For 2026 And Beyond
In the next five years, CELO would have probably moved up the charts to become one of the most used cryptocurrency projects. The fact it is targeting mobile users puts it in a good place to dominate the market when more people begin to learn about cryptocurrencies.
But how far can it go in 2026 and beyond?
According to Gov Capital, CELO has the potential of reaching $117.41 by 2026. The site, as usual, predicts a lot of volatility, with the coin expected to record wild price swings.
Coin Price Forecast, which was just as bullish as Gov Capital, lags a bit behind in 2026 and beyond. It predicts that CELO will close 2026 at around $33.94 before crossing $44.60 and $51.24 in 2027 and 2028, respectively.
Coin Price Forecast predicts that CELO won’t reach $100 until after 2033. The coin will trade at $59.61 in 2031 and $69.30 in 2032.
Although Gov Capital’s predictions don’t go beyond 2026, we are assuming that they are much higher than what Coin Price Forecast is predicting.
In fact, Priceprediction.net now seems more bullish in the next five years than Coin Price Forecast. The site predicts that CELO will close 2026 at an average price of $34.12 or as high as $39.54. It will then cross $50 in 2027, and by 2030, it will be trading at more than $155 per coin.
Generally, it looks like CELO is going to have quite a ride in the next five years. As it becomes more assimilated into the mainstream financial market, its value will begin to go up and might just become one of the most sought after cryptocurrencies.
Otherwise, if you are seriously looking to invest, you should not treat these predictions like the ultimate roadmap to understanding the future of Celo. These are merely speculations and should only be taken with a pinch of salt.
Check Out: Will Celo Make Me Rich In 10 Years?
Factors That Will Affect The Price Of CELO In The Future
Celo’s price is likely to be impacted by a number of factors. This includes the project’s adoption rate, market conditions as well as competition from rival altcoins.
Let's take a closer look at each one of these factors below.
1. Celo’s Adoption Rate
The performance of any cryptocurrency is closely tied to the adoption rate. As more people use it, demand for cryptos increases which in turn results in higher prices.
This has been the case with bitcoin, whose price reached an all-time high recently despite being more than 10 years old because of increased usage across the globe.
Celo is a relatively new platform which means its adoption rate in the crypto space is quite low for now.
However, this could change going forward as it has been designed with ease-of-use in mind and already supports fiat currencies.
In fact, the team behind the project is working towards a global payment infrastructure that will make cryptos accessible to anyone with a smartphone which could see its adoption rate shoot up in future.
2. Market Conditions
Another factor that will affect Celo’s price is the market conditions. For instance, if Bitcoin and other major cryptos such as Ethereum crash, it is likely to pull down the prices of all altcoins with them since most crypto projects are highly correlated.
However, if cryptos continue to attract more investors and users despite the current bear market, it could positively affect the performance of all coins, including Celo.
3. Competition from Other Coins
The third factor that will influence Celo's price is competition from other coins. The crypto space has been growing steadily over the past few years, which means there are now more blockchain-based projects than ever before.
This has made it difficult for new cryptos to distinguish themselves from the competition and capture a significant share of the market.
Celo’s price could be affected if rival altcoins start to gain traction among crypto users. If this happens, investors might start selling their CELO tokens in favour of these altcoins, which could affect prices downwards.
4. Government Regulations
The government regulations pertaining to cryptocurrencies can also impact the prices of Celo tokens. For instance, if countries such as China and the US ban cryptos or make it difficult for users to access their services, demand will likely drop, which could lower their prices.
On the other hand, if major countries embrace cryptos and consider them as legal tender, it could positively affect the prices of altcoins, including Celo.
5. The Team Behind Celo
The success or failure of cryptos hinges on who is leading them, which means it is important to find out more about their background and whether they have what it takes to help Celo grow.
Celo seems to have a strong team spanning developers, engineers, marketers, and business development executives.
The team has a lot of experience in the tech sector, which means they will likely help the token grow in the long run.
The Future Of Celo: Will The Value Of CELO Rise?
Celo has a lot of potential for growth, given its low adoption rate and the strong community support it enjoys. The team behind the project is working towards making sending payments using cryptos as easy as sending messages on your phone, which could boost demand for CELO tokens.
Thus, even though there are high chances that its price will be affected by a number of factors going forward, the fact that CELO tokens are backed by their project's success could see them rally strongly in future.
Celo is one of those cryptocurrency projects with huge potential but no hype around it yet. The coin has big ambitions, and with an experienced team behind it, its chances of doing well, in the long run, are high.
Its performance will largely depend on how fast it can build a global payment infrastructure for cryptocurrencies and if it can remain relevant among the many altcoins that have entered the market since its inception.
Read Also: Should You Buy Celo? 4 Pros, 4 Cons
Conclusion: Is CELO A Good Investment?
Celo has the potential to be a good investment, given that it is one of an increasing number of active crypto projects in the market.
However, its price will only increase when there is sufficient demand for it from users, which could take some time since its adoption rate remains quite low.
In addition, the value of CELO tokens will be directly affected by how the market performs as well as other factors such as competition and government regulations.
This means CELO's future price could either go up or down depending on how these events play out hence making it a high-risk investment.
Therefore, while we can't say with certainty whether or not CELO will be a good investment, it is certainly not one to be ruled out as its potential for growth is high.
However, you will need to do your own research before deciding whether or not you want to invest in it.
eToro — The Top Platform To Buy Celo
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.