Celsius (CEL) crypto soars nearly 100%: All you need to know

June 16, 2022 03:50 AM AEST | By Rupam Roy
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  • The CEL token surged over 99% on Wednesday morning.
  • Celsius claims to be an all-in-one banking and financial service provider for crypto users.
  • It saw the highest price of US$1.17 in the last 30 days.

The Celsius (CEL) crypto caught the eyes of investors after its price surged by over 99%, and the trading volume skyrocketed by over 403% in the last 24 hours to Wednesday morning.

In contrast, the global crypto market capitalization fell 3.38% to US$917.16 billion, with a 22.20% drop in its trading volume to US$107.35 billion at 10:11 am ET.

Let's learn more about the Celsius (CEL) crypto and its recent developments.

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What is Celsius (CEL) crypto?

Celsius describes itself as an all-in-one banking and financial service provider for crypto users. Besides providing rewards for deposit cryptos, it offers users various services like loans, wallet payment solutions, etc.

The users get regular interest income on their holdings. The CEL token serves various ecosystem functions, such as a currency for payments. The ERC-20 token is available for trading on exchanges like OKX, Bybit, FTX, etc.

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The project was founded by Alex Mashinsky and Daniel Leon in 2017 before its launch in June 2018. Celsius aims to outperform banks in financial solutions to customers. It offers higher returns on deposits and simple loan processing besides automated rewards.

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The token gained traction after it paused all withdrawals this week due to the volatile market. Announcing the decision on June 13, it said its priority is to protect the community’s interests.

After the news, CEL dropped nearly 50% before climbing back on Tuesday. However, given the market’s high volatility, investors should exercise due diligence before investing in cryptos.

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Celsius (CEL) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The CEL token was priced at US$0.6659 at 10:14 am ET on June 15, up 99.85%, while its volume in the last 24 hours skyrocketed 403.21% to US$142.73 million. It has a market cap of US$159.04 million, and its fully-diluted market cap is US$463.23 million.

The token has a maximum and total supply of 695.65 million, and its current circulating supply is over 238.86 million. It saw the highest price of US$1.17 and the lowest price of US$0.1554 in the last 30 days.

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