Why is Celsius (CEL) crypto gaining attention?

Be the First to Comment Read

Why is Celsius (CEL) crypto gaining attention?

Why is Celsius (CEL) crypto gaining attention?
Image source: © Vladsseven | Megapixl.com

Highlights:

  • Celsius (CEL) is a crypto banking and financial services platform.
  • The CEL token can be traded on exchanges like OKX, Bybit, etc.
  • Celsius Mining LLC has recently submitted a draft registration statement on Form S-1 confidentially with the SEC.

The Celsius (CEL) crypto appears to be gaining traction in the market on Monday, as evidenced by the surge in its price. The CEL token was up around 22% on Monday morning, while its volume for the last 24 hours plummeted more than 20%.

Also Read: Why is Step App (FITFI) crypto up 200%?

What is Celsius (CEL) crypto?

Celsius (CEL) is an all-in-one banking and financial services platform launched in June 2018. It provides users with various financial services, including crypto deposits, loans, and wallet payments.

VIDEO: https://www.youtube.com/watch?v=AuPi9nut-gM

Celsius users receive regular interest payments on their holdings. CEL is the native token of the platform, with a variety of internal functions like boosting payouts when used as a payment currency.

Also Read: Why is THORChain (RUNE) crypto rising?

Celsius was created by Alex Mashinsky and Daniel Leon. It aims to compete with traditional banks through its innovative financial solutions. The services include higher returns on savings and deposits, hassle-free loans, and algorithmically-synchronized automated rewards for users.

The CEL token is available for trading on exchanges like OKX, Bybit, Bitget, etc.

Also Read: Why are Cronos (CRO) and Crypto.com in focus?

Why is it gaining attention?

Celsius Network announced on Monday that its wholly-owned subsidiary, Celsius Mining LLC, which is focused on Bitcoin mining, has submitted a draft registration statement confidentially on Form S-1 with the US Securities and Exchange Commission (SEC). It is now waiting for SEC's approval.

On May 15, Celsius Network announced that it had doubled the app's daily swap limit and expanded the services to more users for free, allowing users to manage the coins quickly.

These developments may have helped gains in the CEL token.

Also Read: Why is Dogecoin (DOGE) crypto gaining attention amid a dip?

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

Bottom line:

The CEL token was priced at US$0.837 at 7:38 am ET on May 16, up 22%, while its volume for the last 24 hours declined 20.76% to US$3.73 million. It has a market cap of US$199.88 million, and its fully-diluted market cap is US$582.81 million.

The token has a maximum and total supply of over 695.65 million, and its current circulating supply is more than 238.86 million. It saw the highest price of US$2.34 and the lowest price of US$0.507 in the last 30 days.

Also Read: Emirates airline seeks to entice flyers with Bitcoin payment facility

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles