Friday, January 27, 2023
HomeNewsWhy Monero, CELO, Horizen (ZEN), Hedera Hashgraph Suddenly Jumped Higher Amid Market...

Why Monero, CELO, Horizen (ZEN), Hedera Hashgraph Suddenly Jumped Higher Amid Market Weakness

Hedera Hashgraph (HBAR)

Monero (XMR)

This is quite significant as Monero (XMR) remains the most popular coin for cloud mining. Buoyed by a new partnership and recent network update, Monero pushed to highs of $426 on April 20 after Sunday’s crash, in April, Monero announced the collaboration of THORChain, a cross-chain decentralized liquidity network, with Haven to integrate Monero. While announcing the launch of atomic swaps which allows online users to trade cryptocurrencies without needing to trust each other or anyone else and also an update release of the v0.17.2.0 ‘Oxygen Orion’.

Horizon is an interoperable blockchain system, supported by a decentralized node infrastructure. Its sidechain platform focuses on scalable data privacy, and as such enables businesses as well as developers to build private or public blockchains using the unique sidechain technology known as Zendo.

Horizon is presently working towards the Zendoo mainnet release which will offer improved scalability and flexibility, set to be launched in Q3 2021. The recent boom in Decentralized finance is also buoying ZEN price. Horizen’s partnership with StakeHound, a liquid staking platform allows ZEN investors to participate and benefit from the Ethereum-based DeFi ecosystem.

Horizen reached all-time highs of $140 on April 17 before embarking on subsequent declines. A climb on Apr. 20 brings ZEN up by more than 20% to reach highs of $123.

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.

The network also allows for the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Deutsche Telekom, one of the world’s leading telecommunications companies with more than 242 million mobile customers has invested an undisclosed sum in mobile DeFi platform Celo to support the development of decentralized finance.

In a Tuesday announcement, the telecom giant disclosed making a “significant purchase” of Celo’s native token, Celo, through its strategic investment fund. CELO responded positively to the news, rallying by nearly 50% from lows of $83 to intraday highs of $123.


Most Popular