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Highlights
- At 2 AM EST, the price of Citadel crypto was up 109 per cent, and it was trading at US$ 0.005395 per token.
- The CTL crypto is the native token of Citadel, which is a platform for accessible and scalable blockchain solutions.
- Citadel claims that it is a secure platform and is also cost-effective.
The cryptocurrency market crash has triggered panic among investors. On Tuesday, the price of Bitcoin slumped below US$ 30,000 for the first time in 2022. However, the world's oldest cryptocurrency later recovered to trade between US$ 31,000 to US$ 32,000 per token.
Also Read: Bitcoin SV (BSV) crypto records surge in price and volume. What's next?
As per CoinMarketCap, the crash has caused the global market cap to go down to US$ 1.42 trillion, representing a decrease of 2.7% over the previous day.
The decline in the price of a stablecoin named TerraUSD (UST) has left everyone by surprise as it is pegged to the US dollar. As of writing, the UST token had declined 30 per cent and was trading at US$ 0.6359 apiece.
Due to the crash, even the slightest price gains in cryptocurrencies attract potential investors. On May 11, it appeared that Citadel (CTL) crypto was gaining traction due to its price surge.
At 2 AM EST, the price of Citadel crypto was up 109 per cent, and it was trading at US$ 0.005395 per token. That said, let's further explore the Citadel crypto and find out why is its price rising.
What is Citadel crypto?
The CTL crypto is the native token of Citadel, which is a platform for accessible and scalable blockchain solutions. As per its official website, the Citadel Network is a decentralized cryptographic network that allows users to transact by sending economic values to each other.
The network's whitepaper suggests that Citadel was created to bridge the adoption gap between the consumer services economy and decentralized ledger technology.
Also Read: Zilliqa (ZIL) crypto soars amid a rising market. Here's why
Citadel claims that it is a secure platform and is also cost-effective. The network claims it has a multi-faceted architecture for delivering digital services worldwide.
The network has private smart contracts, and it uses them to provide a framework for creating and verifying cross-party agreements.
Bottom line
The price surge of Citadel crypto is not due to any significant development, and investors should be wary of such a massive increase in prices of lesser-known cryptocurrencies.
Citadel crypto has a market cap of US$ 57,834, which appears to be insignificant. Also, the trading volume of the cryptocurrency is not available. Therefore, we don't know if users can even sell the crypto after purchasing.
Also Read: ANKR crypto price is down and volume is up 18%. What's next for Ankr?
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