Why Celsius (CEL) crypto plunged to its lowest level since Sep 2020?

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Why Celsius (CEL) crypto plunged to its lowest level since Sep 2020?

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 Why Celsius (CEL) crypto plunged to its lowest level since Sep 2020?
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Highlights:

  • Celsius (CEL) offers crypto users a banking and financial services platform.
  • The CEL token price fell to its lowest level since September 2020 on Friday.
  • The token is available for trading on Bybit, FTX, etc.

The Celsius (CEL) crypto declined to its lowest level since September 2020 on Monday morning amid a broader market crash. Its price fell 12%, and its volume plummeted 25% in the last 24 hours.

The broader crypto market was down 1.01% to US$1.20 trillion, while its volume rose 31.23% to US$106.08 billion in the last 24 hours. Bitcoin (BTC) and Ethereum (ETH) fell 0.49% and 2.46%, respectively.

Let's discuss why has Celsius crypto nosedived.

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What is Celsius (CEL) crypto?

Celsius (CEL) is a crypto banking and financial services platform that rewards users for depositing cryptocurrencies. It provides services like loans, wallet payments, etc.

Celsius users receive regular payments and interest on their deposits. The project was started by Alex Mashinsky and Daniel Leon in 2017, but it was officially launched in June next year.

Its native token CEL performs various functions in the platform, including user payments. The token can be traded on exchanges like Bybit, FTX, OKX, etc.

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The CEL token price has been declining following last week’s collapse of the Terra ecosystem, which sent all major cryptocurrencies in a tailspin. Celsius has also been lowering its savings rates this year amid the bearish sentiments across the crypto and financial markets.

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

Bottom line:

The CEL token was priced at US$0.5921 at 8:55 am ET on May 27, down 12.84%, while its volume declined 25.84% to US$4.62 million in the last 24 hours. It has a market cap of US$141.41 million, and its fully-diluted market cap is over US$411.86 million.

It has a maximum supply of 695.65 million, with a current circulation of more than 238.86 million. It saw the highest price of US$2.18 and the lowest price of US$0.507 in the last 30 days. Its 24 hours highest and lowest prices were US$0.6936 and US$0.5663, respectively.

Friday's drop was the lowest level since September 2020, when it traded below the US$0.60 level. Hence, investors should carefully evaluate the assets and market risks before considering a crypto investment.

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