Celsius Network’s native cryptocurrency, CEL, has surged more than 130 percent in the last 24 hours. The surge came as a result of the crypto market easing after many days of precipitous declines.
The Celsius token lost more than half its value to hit $0.20 on June 13. Since then, CEL has gained an upward trajectory.
The CEL price has risen by a staggering 375 percent from the previous week, marking the highest growth among the top 100 cryptocurrencies. At the time of writing, the average token price is $1.51.
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Celsius (CEL) 24-hour volume shoots up to over 400%
His 24-hour trading volume has skyrocketed over 400%, reaching $66.7 million. Approximately $1.78 million in CEL holdings were liquidated as a result of this large transaction, according to statistics from Coinglass.
The news that Celsius Network has started to pay off some of its obligations, returning $10 million in DAI to Compound Finance, and its public commitment to cooperate with regulators to improve liquidity and operations could help the broader cryptocurrency sector to gain ground.
According to data from Etherscan, Celsius made numerous other payments and closed positions with lenders over the past week.
Total Crypto Market Cap at $926 Billion on Daily Chart | Source: TradingView.com
The CEL token has seen a dramatic rise and fall in the last two weeks. A week ago, it was trading at roughly $0.3183 against the backdrop of the market crash that is believed to have caused the Celsius team’s decision to cease cryptocurrency withdrawals.
CEL Maintains Position In The Green
However, data from CoinMarketCap indicates that Celsius remained in the green last week despite most 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 find a solution to withdrawals, transfers, and redemptions that remained disabled.
Experts believe that the CEL token price doubling is the result of a small squeeze. About 87 percent of CEL’s token supply is apparently frozen on its own network, while withdrawals remain suspended. On the FTX platform, the Celsius token is very short.
In a blog post dated June 20, the network stated:
“It has been a week since we paused withdrawals, swaps and transfers. We want our community to know that our goal remains to stabilize our liquidity and operations. This process will take time.”
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Reader’s Digest Featured Image, Chart from TradingView.com
This post Celsius (CEL) Price Hits 130% Rebound Despite Frozen Network Accounts
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