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Here’s Why Celsius (CEL) Price Skyrocketed 120% Today – Crypto News

Published

1 year ago

May 25, 2024

Dripp

Celsius (CEL) has recorded a 120% upsurge in the last 24 hours following an uptick in sentiments and trading volumes. This comes as the crypto market posts slight recovery figures after inter-day trading saw top coins lose steam. The bullish momentum notched by CEL has sparked a frenzy around crypto spaces with some calling it a pump-and-dump-styled rise.

Celsius Marks 120% Uptick

The uphill movement of the token makes it among the top gainers in the last 24 hours. CEL’s over 120% rise in that timeframe is due to certain factors in over-the-top trading volumes, whale activity, and a general market recovery. Daily trading volumes are at $85.4 million, a massive 872% jump in the market.

This increased activity outpaces the market’s top coins with Bitcoin (BTC) and Ethereum (ETH) posting day trading volumes of 5.78% and 9.2% respectively. To put this in perspective, the wider crypto market is up 7.52%.

Bullish on-chain activities remain a driving factor for major coins as the community rallies around the tokens. At press time, CEL trades at $1.21 pushing weekly gains to 87% while 30-day trading spiked to a 692% gain.

The asset has also seen significant whale activity alongside an increase in volumes. Whale sentiment spurred growth in the maker as it ignited bullish pressure for the asset. The general bullish market sentiment also drew investors to Celsius today. Bitcoin trades at $68,913 recovering 2.3% today with other assets posting similar figures.

Crypto Market Reacts

Celsius recording over 120% came as a surprise to many within the community although monthly inflows show the asset has been on an upward trajectory. Initial reactions from crypto enthusiasts on X (formerly Twitter) are mixed with some users in a frenzy over the highs.

On the other hand, some digital asset users fear a sharp decline should market sentiments swing. a major reason for this is that the asset soared above high-earning meme coins.

Also Read: $4.1 Trillion State Street Advisor Eyes ETFs In 401(k), Big Boost For BTC?

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