Celsius Network is a platform that provides credit services, deposits, and payment services using cryptocurrencies. It also includes a cryptocurrency custodial wallet. The project and the Celsius live price chart, in particular, was launched in 2018 with the help of an ICO, which raised the planned $50 million. At the moment, work is supported with more than 30 cryptocurrencies and stablecoins, including stablecoins equated to gold.
What’s the Celsius price now?
CEL is a functional platform token, the presence of which was originally included in the White Paper of the project. Since the start of sales, the Celsius token price has increased by more than 14,000%. The token is located on the Ethereum blockchain and has a limited supply. The main purpose is that its holders are provided with more favorable commissions on loans and deposits. The more tokens a user has, the higher their status and the more benefits they get.
All of this makes CEL to USD rise higher and higher with every next bull run. As of today, the Celsius crypto price is $0.78.
Fresh Celsius coin news
The figures on the Celsius coin price chart almost doubled in two days. On June 19, the CEL USD rate traded at $0.6, and on the evening of June 21, its value was $1.17, according to CoinGecko. The Celsius crypto price showed a sharp increase, despite the collapse that happened a week before.
Reason for such a sharp Celsius token price movement
On June 13, crypto lender Celsius suspended:
- all withdrawals,
- all inter-account transfers,
- all swaps.
The CEL to USD price fell from $0.43 to $0.15 in a day, but by June 15 it recovered to $0.6.
“Extreme market conditions” was the reason for terminating transactions. Eventually, this decision turned out into a significant dump on the Celsius price charts.
How Celsius coin news run the show
The rise in the value on the Celsius live price chart began at the same time as the hype on Twitter when many users began to post with the hashtag #CELShortsqueeze. So they expressed dissatisfaction with investors who bet that the Celsius price charts would fall.
The CELShortsqueeze movement implies that those who have borrowed a token and sold it in anticipation of redemption at a lower CEL USD price will instead have to buy it back at a higher price, incurring losses.
Celsius price prediction
As you know the user can earn up to 17.78% per annum by placing their cryptocurrency on the Celsius main account. The exact rate depends on various factors:
- A specific coin and supply/demand for it.
- Deposit amount.
- Investment holding period.
- The investor has CEL tokens in his wallet.
Thus, if the project doesn’t suffer from the outside factors the Celsius coin price chart will only grow. The next target for the Celsius price now is $5.
Experts’ Celsius price prediction states that the altcoin will hit $8 (its previous ATH) by the end of 2023.