Celsius Market Cap Sank $290 Million in May, Even Before Withdrawl Freezes

Celsius (CEL) was one of many hardest-hit cryptocurrencies in Could’s market crash and continues to say no in June after an enormous sell-off by whales.

Celsius has come below scrutiny by market commentators as one of many world’s main crypto lending platforms after its native asset, CEL plunged to new excessive lows in Could. CEL closed the fifth month of 2022 with a market capitalization of roughly $199.8 million, in line with Be[In]Crypto analysis.

This was a 59% drop from the opening day of Could’s market worth. On Could 1, CEL noticed a buying and selling quantity of $3.65 million which corresponded to a market capitalization within the area of $498 million.

Supply: Historic Information for Celsius by CoinMarketCap

Why the sinking market capitalization? 

A steep decline within the total market capitalization of cryptocurrencies in Could, primarily the week of Could 9 to Could 13 could be credited because the trigger for the crashing market capitalization of Celsius. 

Crypto’s correlation with the inventory market which has plunged to new lows, geopolitical occasions, and rising inflation had been components for the large sell-off by particular person whales and institutional traders.

In Could, buying and selling quantity reached a peak of $14.84 million on Could 12. On that day, CEL opened at $1.03, reached an intraday low of $0.507, closed at $0.9907, and corresponded to a market capitalization of roughly $236.64 million.

This was a 52% lower in Celsius’ opening day market worth. As a result of worth drop, CEL couldn’t get well to retest the $1 mark for the remainder of the month. 

CEL worth response 

CEL opened on Could 1, at $2.01, reached a month-to-month excessive of $2.18 on Could 4, examined a month-to-month low of $0.507 on Could 12, and closed the month at a worth of $0.8366. 

Total, this equates to a 58% lower between the opening and shutting worth of CEL in Could.

Supply: CEL/USD Chart by TradingView


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