Is Celo A Good Buy?

Last Updated January 24th 2022

7 Min Read

Is Celo a good investment? Should you buy the mobile-first token this year? The answers to these questions will mostly depend on a number of factors, including your risk appetite, investment goals and market sentiments.

However, looking at the coin’s historical performance, we think it drives a good bargain for investors.

For starters, the concept behind Celo is revolutionary in itself. Although there are close to 8 billion mobile phone users worldwide, few cryptocurrencies have targeted this segment. This creates an enormous potential user base for the network.

Additionally, the fact that CELO is currently trading cheaply makes it a great target for low budget investors.

Crypto analysts are mostly bullish about the future of CELO, which means that if you buy at the current price, you might make a good profit if Celo manages to find its way into the mainstream financial system.

So, Should You Buy Celo (CELO) Tokens?

According to most investment analysts, CELO might be a good buy right now, given its tremendous future potential.

Although cryptocurrencies have been around for a while, most are not mobile-friendly. Usually, you need a complicated address key to access the wallet. This may put off most people, especially those who are not savvy or not familiar with the cryptocurrency market.

As a result, it is difficult to onboard new investors into the cryptoverse, and that explains why most of them are still sitting tight on their investment, waiting for more opportune times.

However, Celo is changing this trend by making cryptocurrencies mobile friendly. As a result, it is targeting a large market segment that has only been ignored by other digital coins. This will likely help push its price upwards as more people start using its services.

So, if you buy at the current price and Celo's adoption in the future increases, you might make a significant gain.

However, there is no guarantee that Celo (CELO) will increase any time soon. Many analysts are mostly bullish about this coin, and if things turn out as they predict, you could make a fortune with the price set to shoot past its all-time highs over the course of this year.

Why Is Celo So Popular Right Now?

The Celo cryptocurrency is gaining popularity for many reasons.

For starters, the concept behind it is different from other cryptocurrencies in that it focuses on mobile users. This makes it possible for anyone with a phone to send and receive cryptocurrencies using their phone number

Celo also targets to cover more than 50% of the world's population, which makes it a potential global payment infrastructure for cryptocurrencies.

Secondly, Celo uses blockchain technology to implement its project. As most people know, the best technologies are usually adopted first in crypto because of their decentralized qualities. This will likely push up the value of CELO further as more people discover its benefits over traditional banking.

The potential for massive future gains also explains why most people are interested in this coin. Although other cryptos such as Ripple and Stellar Lumens have seen impressive gains in recent months, there is a chance that Celo might experience even better growth over the coming years.

Finally, as mentioned above, Celo is currently trading cheaply.

At the time of writing, CELO tokens are selling at $5.07 with a market cap of $1,963,318,040. This means that the cryptocurrency is still just an underdog but with significant growth potentials in the future.

Check Out: Is Ιt Worth Investing Ιn Celo?

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Celo Price History From 2020 To 2022

Word about the Celo project came out in 2017, but the coin didn’t start trading until around May 2020. According to CoinMarketCap, CELO kicked off at $2.5 and then went as low as $0.7955 in the last week of May.

In early July 2020, the coin scaled to as high as $1.9 per coin and then in late August, it suddenly rose to $4.5 before dipping to around $2.3 two weeks later.

However, in late September, CELO went to close to $4 per coin again before slumping to $1.3 by the end of 2020.

The coin took advantage of the early 2021 market-wide bull run, and by mid-February, it had crossed $5 before dropping again to $3.1 by the end of that month.

CELO rebounded again, and towards the end of April, it crossed $6 per coin. It then dropped to $4.5 in mid-May before crossing $6 again a few days later.

In late May, as the bull market was waning away, CELO plummeted and bottomed out at $2.7 and then dropped further to $1.9 in the last few days of June.

However, before the end of June, the mobile coin had recovered and went as high as $4.4. This was followed by a marginal correction to $3.1 in early July then further to $2.2 in the middle of that month.

The coin then crossed $7 in late August, and then on August 30, 2021, it reached its current all-time high price of $10.66

Unfortunately, the coin dropped to $4.3 in early September, and by mid-December, it had descended to around $3.4

At the time of writing, CELO was trading at $5.07, having lost more than 55% of its peak value.

Will Celo (CELO) Token Reach $100 In 2022?

With the global market growing fast, cryptocurrencies like Celo (CELO) and its underlying technology will continue to grow and pick up their pace of adoption.

However, given that the coin's all-time high price is just above $10 (and currently trading at half that price), a price target of $100 this year might be tricky. But this does not mean that it is impossible.

Based on most price predictions we have seen, CELO might be a long way from hitting $100 this year.

In fact, none of the price analysts we have interacted with believes the coin will reach $30 by the end of 2022.

The most hopeful prediction we have seen is from Coin Price Forecast, which predicts that CELO might go only as high as $23.2 per coin in 2022. Gov Capital comes second with a prediction of $13.5 by the end of this year.

Experts from Hungary-based Wallet Investor predict that CELO might close 2022 at $7.1 or a yearly high of $8.3. This is close to Priceprediction.net’s projection of $7.05 by the end of 2022.

So, when will CELO reach $100 per coin? According to Coin Price Forecast, we might have to wait until 2031. On the other hand, Priceprediction.net is more hopeful that CELO might hit $100 in late 2029 or early 2030.

Don't Miss: Celo Price Predictions

How To Easily Buy Celo (CELO) On eToro?

eToro is one of the best platforms to buy and sell crypto assets.

Lucky for you, the exchange supports CELO, and this means that you can purchase it easily using fiat or cryptocurrencies such as BTC and ETH.

To start trading CELO on eToro, just follow these steps:

Visit eToro and create an account if you haven’t already
Verify your details and wait for the account to be approved
Deposit a minimum of $200 into your account.
Search for CELO using the search bar or navigate to Top Markets > Cryptocurrencies > CELO
Click on BUY
Enter the amount of CELO you want to buy
Click on OPEN TRADE

eToro allows you to customize your trade in several ways. For instance, you can set stop loss and take profit points or use leverage to amplify your profits (or losses).

Conclusion: Is CELO a Good Buy?

Celo certainly seems like a worthy investment for most people. If you believe that mobile-friendliness is the future of blockchain, then CELO might be a good fit for your portfolio.

Otherwise, you need to be aware of the risks of investing in cryptocurrencies. Make sure to do enough research and not to invest more than you can afford to lose.