Meet Celsius Token or CEL, the native token of the crypto lending and savings platform Celsius Network which is viral in the cryptocurrency news now. The cryptocurrency continued its exponential growth in price this week and gained more than 50% over the past 7 days alone.
As it stands, Celsius token (CEL) is the best performing asset in the past two days among the top 50 cryptocurrencies by market capitalization. At press time, we could see the price of CEL being up by more than 10% in the past 24 hours and reaching $0.477. This growth, however, is nothing new for the coin which managed to surge by 800% since March 2020.
The rise today follows a massive rally that the token witnessed over he past three months, positioning it among the top 50 most valuable cryptoassets. Currently, CEL is at the 41st place with $238 million in market capitalization.
As many said in the altcoin news today, the Celsius token (CEL) is one of the hottest coins out there. It also compares to a loss of 12% for the newly launched decentralized finance (DeFi) token Balancer (BAL) while the Compound Finance (COMP) token is ranked first by market capitalization among DeFi projects.
The prices of all of these altcoins have been going up along with the entire craze in DeFi markets which we covered in another post. However, when it comes to Celsius token and its overall performance since the crypto market crash in mid-March, we can see that the token is now up by 800% from the bottom on March 13.
Furthermore, CEL has nearly doubled in price in the month of June alone, rising by 87% over the past 30 days as of press time. While the Celsius Network originally launched this token through a token sale back in 2018, it seems like 2020 is the year for CEL and the perfect time for astronomical gains.
This week, Celsius said that it reached yet another all-time high in payouts to depositors on the platform, totaling around $407,000 for the week. As they also reported in June, the Celsius platform reached $1 billion in total crypto asset deposits less than two years after they launched their mobile app.
All of this spells good news for the Celsius token (CEL) which may top up the rise with new surges in the coming days and weeks.
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