Ethereum-Based Altcoin Explodes 750% in Just Two Months, Outpacing Bitcoin and Crypto Markets
An Ethereum (ETH)-based altcoin’s ranking among the top 100 crypto assets by market capitalization has increased by three digits over the past 30 days.
Celsius Network (CEL), a utility token on the Ethereum blockchain for the beleaguered centralized financial platform of the same name, is up 223% since July 12 when the token closed the day at $0.735.
CEL is trading at $2.38 at the time of writing and is ranked 60th by market capitalization.
In a two-month period, CEL is up 750% from a 2022 low of $0.28 reached in mid-June after the platform faced liquidity challenges and halted withdrawals. Celsius Network filed for bankruptcy last month.
The recovery in the CEL token’s price coincides with Reuters reporting on Wednesday that payments firm Ripple Labs is “interested in potentially buying assets of bankrupt crypto lender Celsius Network.”
A spokesperson for Ripple told Reuters on Wednesday that the payments firm was keen to conduct a feasibility study on the platform.
“We are interested in learning about Celsius and its assets, and whether any may be relevant to our business.”
The recovery in the CEL token price has also coincided with Celsius Network revealing how it would proceed with the bankruptcy process.
Last month, the platform opened its doors to customers file claim through its claims agent Stretto.
Celsius Network also revealed that it would allow its customers to be compensated either in cash or to keep their crypto holdings.
“We intend to submit a plan that will give customers the opportunity to remain long crypto.
Customers can now submit a notification of a claim to Stretto.”
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