CELO Trims Gains as Positive News Fueled Rally Stalls

cryptonews.com:

The Celo (CELO) network’s native token rose the most among all of the top 100 cryptoassets by market capitalization today before trimming some of its gains.  

As of 16:32 UTC, CELO was up by 8% for the past day and 43% for the past 7 days. The token traded at a price of USD 4.65 after reaching a high of just over USD 5.2 earlier in the day. The price is also up 62% in a month and 5% in a year.

The gains today mark the peak of a period of solid price growth that started around mid-March, when the token was trading at just USD 2.4. However, CELO still remains below a peak from January, and well below its all-time high of around USD 10, reached in August last year.

CELO price year-to-date:

The strong performance today comes after the Celo Connect conference in Barcelona, Spain opened its doors on Monday, with high-level speakers such as Chris Dixon, a partner at venture capital firm Andreessen Horowitz (a16z), confirmed to be attending.

The first day of the conference covered topics such as payments systems in developing countries, carbon credits, and a concept referred to as “regenerative finance” – Celo’s idea for how decentralized finance (DeFi) solutions can have a positive impact on the improvement.

Meanwhile, a new development campaign, dubbed Connect the World, was also announced on Monday, with the Celo Foundation dedicating USD 20m to incentivize the development of more on- and off-ramps for Celo.

The plans include a new open-source application programming interface (API) specification for fiat payment providers called FiatConnect, which is expected to simplify integrations

Additionally, a subsidy to make Celo on-ramps more affordable for users was also announced. The subsidy is worth USD 100,000, and is to be spread