Celsius Token Skyrockets Over 800% Since MarchSource: Adobe/prapann

CEL, the native token of crypto lending and savings platform Celsius Network, has continued its exponential rise in price this week, gaining more than 50% in price over the past 7 days alone, and standing out as today’s best-performing asset among the top 50 cryptoassets by market capitalization.

As of press time (08:38 UTC), the price of CEL is up by almost 8% in the past 24 hours, reaching USD 0.467. The rise today follows what has been a massive rally for the token over the past three months that has positioned it among the top 50 most valuable cryptoassets (currently ranked 41st with USD 210 million in market capitalization).

Today’s gains for the CEL token also compares to a loss of 12% for the newly launched decentralized finance (DeFi) token balancer (BAL), while Compound Finance’s COMP token, ranked first by market capitalization among DeFi projects, is unchanged today, according to DeFi Market Cap.

Looking at CEL’s overall performance since the crypto market crash in mid-March, the token is now up by more than 800% from the bottom on March 13. Further, CEL has nearly doubled in price in the month of June alone, rising 87% over the past 30 days, as of press time.

CEL price chart:

Celsius Token Skyrockets Over 800% Since MarchSource: coinpaprika.com

While the Celsius Network originally launched its token through a token sale back in 2018, both the token price and use of the platform itself has accelerated in the current DeFi boom in the market.

As announced this week, Celsius said it has reached yet another all-time high in pay-outs to depositors on the platform, totaling USD 407,000 for the week. Further, as reported earlier in June, the Celsius platform reached USD 1 billion in total cryptoasset deposits, less than two years after launching its mobile app.

Celsius differs from other platforms like Compound and Balancer in that it can hardly be considered truly decentralized, and is thus not listed on DeFi ranking sites like DeFi Pulse and DeFi Market Cap. However, the platform has taken steps to “move towards decentralization,” for instance by integrating Chainlink’s (LINK) oracle technology on its platform, as explained by Celsius CEO Alex Mashinsky in March this year.

Posted by George Harrison

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