The native cryptocurrency of Celsius Network – CEL – has surged over 130 percent in the past 24 hours. The surge occurred as a result of the crypto market’s relief following many days of precipitous declines.
On June 13, the Celsius token lost more than 50% of its value, reaching $0.20. Since then, CEL has gained an upward trajectory.
CEL’s price has risen by a staggering 375% in the past week. This is the highest growth rate among all 100 top cryptocurrencies. As of the time of writing, the token’s average price is $1.51.
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Celsius (CEL), 24-Hour Volume Jumpets to More Than 400%
Its 24-hour trading volume has ballooned to more than 400%, reaching $66.7 million. This large transaction resulted in the liquidation of approximately $1.78 million of CEL stock, according to Coinglass.
It is encouraging news for the wider cryptocurrency industry that Celsius Network began repaying its obligations. Compound Finance received $10 million in DAI back from Celsius Network.
Etherscan records Celsius as having made numerous other repayments over the week and has closed positions with creditors.
Crypto total market cap is $926 billion per day | Source: TradingView.com
Over the last two weeks, CEL token’s price has seen a sharp rise and fall. A week ago, it was trading at roughly $0.3183 in the backdrop of the market slump that the Celsius team’s decision to cease crypto withdrawals is believed to have caused.
CEL Keeps Its Place in the Green
CoinMarketCap data shows that Celsius was in the green last Wednesday, despite most crypto markets remaining in negative territory until just two days ago.
In a recent blog post, Celsius notified the community that it will coordinate with regulators to to find a resolution to withdrawals, transfers and swaps that remained disabled.
Experts believe that CEL token prices have doubled due to a quick squeeze. Around 87 percent of CEL tokens supply has been frozen on the network. Withdrawals are still being suspended. The Celsius token is severely shorted on the FTX exchange.
The network posted the following in a June 20 blog post:
“It has been one week since we paused withdrawals, Swap, and transfers. Our goal is to stabilize our liquidity and operate efficiently. We want to let our community know this. This process will take time.”
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Featured image from Reader’s Digest, chart from TradingView.com