Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts

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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.

The Celsius token shed by more than half its value to reach $0.20 on June 13. Since then, CEL has gained an upward  trajectory.

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The price of CEL has increased by an astonishing 375 percent over the previous week, representing the most growth among the top 100 cryptocurrencies. As of the time of writing, the token’s average price is $1.51.

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Celsius (CEL) 24-Hour Volume Skyrockets To Over 400%

Its 24-hour trading volume has ballooned to more than 400%, reaching $66.7 million. Approximately $1.78 million worth of CEL holdings were liquidated as a result of this large transaction, according to statistics from Coinglass.

The news that Celsius Network has begun re-paying some of its obligations, returning $10 million in DAI to Compound Finance, and its public commitment to cooperating with regulators to improve liquidity and operations could assist the broader cryptocurrency sector in gaining traction.

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According to data from Etherscan, Celsius has made many other repayments and closed positions with lenders over the past week.

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Crypto total market cap at $926 billion on the daily chart | Source: TradingView.com

The CEL token has experienced a dramatic ascent and fall over the past two weeks. 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 Maintains Position In The Green

However, CoinMarketCap data indicates that Celsius remained in the green last week despite the majority of crypto markets being in the negative until 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 feel that the doubling of the CEL token price is the result of a short squeeze. Approximately 87 percent of the CEL tokens supply is apparently frozen on its own network, while withdrawals remain suspended. On the FTX platform, the Celsius token is being heavily shorted.

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In a blog post dated June 20, the network stated:

“It has been one week since we paused withdrawals, Swap, and transfers. We want our community to know that our goal continues to be stabilizing our liquidity and operations. This process will take time.”

Suggested Reading | Bitcoin Climbs Back Above $20K, A Bit Of A Relief To The Sinking Crypto Market

Featured image from Reader’s Digest, chart from TradingView.com

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Author: Jet Encila

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