Markets
Here’s why the price of Celsius (CEL) soared 120% today
Celsius (CEL) saw a 120% surge in the last 24 hours following an uptick in sentiment and trading volumes. This comes as the crypto market posts slight recovery figures after interday trading saw major coins lose strength. The bullish momentum marked by CEL has sparked a frenzy around crypto spaces, with some calling it a “pump and dump” rally.
Celsius marks a 120% increase
The token’s upward movement makes it one of the top gainers over the past 24 hours. The over 120% increase in CEL during this period is due to some factors such as excessive trading volumes, whale activity, and general market recovery. Daily trading volumes stand at $85.4 million, a massive 872% jump in the market.
This increased activity is outpacing the main market coins with Bitcoin (BTC) and Ethereum (ETH) showing day trading volumes of 5.78% and 9.2%, respectively. To put that into perspective, the broader crypto market is up 7.52%.
On-chain bullish activity remains a driving factor for major coins as the community rallies around the tokens. At press time, CEL is trading at $1.21, bringing weekly gains to 87%, while 30-day trading has seen a gain of 692%.
The asset has also seen significant whale activity alongside an increase in volumes. Whale sentiment boosted the manufacturer’s growth as it triggered bullish pressure for the asset. The overall bullish market sentiment also attracted investors to Celsius today. Bitcoin is trading at $68,913, up 2.3% today, while other assets are posting similar numbers.
The crypto market reacts
The Celsius recording of over 120% came as a surprise to many in the community, although monthly entries show the asset is on an upward trajectory. Initial reactions from crypto enthusiasts on X (formerly Twitter) are mixed, with some users frantic over the highs.
On the other hand, some digital asset users fear a sharp decline if there is a change in market sentiment. one of the main reasons for this is that assets have climbed above high incomes. coins.
Read also: $4.1 Trillion State Street Advisor Considers ETFs in 401(k), Big Boost for BTC?
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.