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That’s why Celsius (CEL) price skyrocketed 120% today
Celsius (CEL) has surged 120% in the past 24 hours following improved sentiment and trading volumes. This comes as the cryptocurrency market sees a slight recovery after intraday trading saw major coins lose momentum. The bullish momentum recorded by the CEL has sparked a frenzy around the crypto spaces and some have called it a pump-and-dump style rally.
Celsius marks an increase of 120%.
The token’s upward movement makes it among the top gainers in the last 24 hours. The more than 120% increase in CEL in this time frame is due to a few factors such as exaggerated trading volumes, whale activity, and a general market recovery. Daily trading volumes totaled $85.4 million, a huge 872% jump in the market.
This increased activity outpaces the major market coins Bitcoin (BTC) and Ethereum (ETH) recorded daily trading volumes of 5.78% and 9.2%, respectively. To put this into perspective, the broader cryptocurrency market is up 7.52%.
Bullish on-chain activity remains a driving factor for major coins as the community rallies around the tokens. As of this writing, CEL is trading at $1.21, pushing weekly gains to 87%, while 30-day trading is up 692%.
The activity also saw significant whale activity along with increased volumes. Whale sentiment boosted the producer’s growth as it triggered bullish pressure for the asset. The overall bullish market sentiment also attracted investors to Celsius today. Today Bitcoin is trading at $68,913, up 2.3%, while other assets record similar figures.
The cryptocurrency market reacts
Celsius recording above 120% came as a surprise to many within the community, even though monthly inflows show that the asset has been on an upward trajectory. Initial reactions from cryptocurrency enthusiasts on X (formerly Twitter) are mixed with some users in a frenzy for highs.
On the other hand, some digital asset users fear a sharp decline if market sentiment changes. one of the main reasons for this is that the asset has risen above high earnings meme coins.
Read also: $4.1 Trillion State Street Advisor Keeps Eye on 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 learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.