Celsius reached to its all-time high during June; however, the cryptocurrency has been declining steadily ever since. The downtrend – which began in August – has been consistent and the bullish momentum of the crypto market could not break the bearish trend. At the time of writing, the cryptocurrency stands at a price level of $3.885. CEL token increased by 6% during the past twenty-four hours while the trading volume dropped. The price increase is minimal and the downtrend continues. The daily low and daily high for the token stands at $3.41 and $3.97 respectively. Celsius stands at a market rank of #94 with a capitalization of $920 million.
Celsius – Recent updates
Celsius was created as a full suite of crypto-related financial services. Some of the services provided by the platform include interest-bearing savings account, borrowing as well as payment with digital and fiat currencies. The platform is consistently working on expanding its scope to become the crypto bank. Currently, the CEL network is working on launching a swapping service as well. The token swapping service will enable cryptocurrencies denominated in USDC to be instantly swapped and with zero fees. The Swaps are currently in the Beta phase where users will be incrementally added over the course of a few weeks. Moreover, the scope for the Swaps is also being expanded outside the United States in some jurisdictions.
Celsius has been making headway in its customer service along with other things. The project is one of the few that now has a customer care center and users can contact them through a cell phone. The Las Vegas Customer Care Center is now open for live assistance. The network is also taking other steps to stay in touch with the community. Every Friday, there’s an Ask Mashinsky Anything – held by the CEO Alex Mashinsky – to address concerns of the community and talk about the roadmap and plans in terms of further development of the network.
Future outlook
Celsius is a strong cryptocurrency in a market that is flooded by tokens almost every day. It has garnered a solid reputation for itself through its offering. The recent Swap service puts the network in competition with popular exchanges like Binance while also giving it advantages over those exchanges. All of these factors combined give CEL token a positive future outlook. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $4.1 in a year’s time while the five-year projection places it at $5.8.
