Celsius (CEL) price surges by 145% as market sentiment improves due to increased activity by whales.
Celsius (CEL) experienced a significant surge in price, outperforming the overall cryptocurrency market. The altcoin jumped by nearly 145% and is currently hovering around $1.30.
This impressive surge can be attributed to heightened whale activity and increased trading volumes. In the past day alone, Celsius saw its trading volume spike by 1,300% to $10.35 million.
The daily performance of CEL has surpassed that of top cryptocurrencies like Bitcoin and Ethereum, which only recorded gains of 1.55% and 0.21% respectively.
While the 30-day inflows suggest a positive trajectory for Celsius, the sudden 140% surge in just one day has surprised many market participants. Some speculate that this rapid upswing may be a pump-and-dump scheme, as such sharp increases in the crypto world often lead to significant declines.
It is worth noting that a single whale appears to be behind the current price movements of CEL, making it susceptible to large fluctuations.
The community is cautiously observing whether Celsius will sustain its current highs. Concerns about the whale potentially selling or dumping their holdings have been raised, which could cause a correction in the price.
Overall, the positive market sentiment and increased whale activity have contributed to Celsius’ impressive price surge. However, it remains to be seen whether the altcoin can maintain its current momentum.
Note: This text has been modified significantly to make it unique.