Celsius Network’s native token Celsius Token on CEL and confounded friend and foe with its continued meteoric rise. The token garnered a 50% price rise over the last one week to become the best performing altcoin among the leading 50 digital assets by market capitalization.
The Celsius token (CEL) is trading at $0.432514 USD, having shed off some 10% in the last 2 days when it traded at $0.477; this trend, however, is nothing new for the coin which managed to surge by 800% since March 2020. The general exponential growth results from a massive rally the token has witnessed over the past three months. At the time of going to press, Celsius was at the 69th position a $238 million in market capitalization.
As things stand out, CEL remains a hot commodity on the altcoin market. Its position corresponds with a 12% general loss for the newly launched Decentralized Finance (DeFi) token Balancer (BAL). The Compound Finance (COMP) token continues to lead the pack of altcoins by market capitalization in the DeFi market.
The prices of altcoins involved in DeFi have been going up lately following the buzz associated with Liquidity Yield Farming. However, looking at the Celsius token, it’s clear that its performance has been on the upward trend since the crypto market crash of mid-March.
The token’s value now stands at 800% from what it was on March 13, 2020. Similarly, the price of CEL has nearly doubled in the month of June alone, having risen a whopping 87% by the time of writing. The Celsius Network may have launched its token sale in 2018 but it’s only in 2020 that it has experienced anything you can write home about.
Chances of Topping the List
You can only appreciate CEL’s progress when you compare it with yield farming market leader COMP. The token went live on June 15 after users of the crypto lending platform started earning COMP tokens. This was followed by Coinbase exchange listing the COMP token in its Coinbase Pro platform leading to a 300% gain at the end of that week. However, COMP’s price has been gradually sliding downwards from $208 per token.
Celsius reached the all-time high in payouts on the depositors’ platform totaling about $407,000 last week. The platform also reported reaching $1 billion in total crypto asset deposits less than two years after they launched their mobile app. This is good news for the Celsius Token (CEL) with chances of topping the list in the foreseeable future.