Why This Cryptocurrency Soared Nearly 30% Today With the Overall Crypto Market Down

Today, there's a small cryptocurrency that's making a big move. Earlier this morning, Celo (CRYPTO: CELO) surged to as high as $4.72 per token, representing an increase of nearly 30% since yesterday's close. This rapid move has been quickly corrected, though Celo does remain 5.2% higher over the past 24 hours, as of 12:30 p.m. ET. This move comes amid more downside momentum in the crypto world today, with the overall market down 3.4% at the same time.

Yesterday's announcement that crowdfunding platform Kickstarter would be migrating to a platform based on the Celo blockchain has provided a key catalyst for this cryptocurrency. It appears investors primarily in Asia jumped on this catalyst, with Celo's outsize move happening during trading hours there.

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Source Fool.com