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Crypto market wrap: Altcoin prices stay in the green despite turmoil


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Altcoin prices stayed in the green Friday despite increasing cryptocurrency market turmoil. - Photo: Getty Images

Altcoin prices stayed in the green Friday despite increasing cryptocurrency market turmoil and uncertainty.

Most digital assets surged in the morning and declining in the afternoon but staying up on the day.

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CEL to USD

Celsius coin keeps rising

A short squeeze continued to pay off for the Celsius Network coin (CEL), which was up more than 23% just before noon in eastern time zones, according to CoinMarketCap data.

In a short squeeze, bulls try to gain the upper hand on bears by attempting to buy the underlying asset to boost its price and make it harder for short sellers to cover their positions. Short sellers typically bet against an asset rising. If it does increase, short sellers have to cover their margins. If short sellers cannot do so, they must buy the asset at a higher price. Hence, a short squeeze occurs.

CEL receded later in the day but was still up about 8%, according to CoinMarketCap. That translated to approximately a 74% increase from a week earlier. As one Twitter user had predicted on Thursday, CEL’s price surpassed the $1 mark.

MATIC to USD

Low-profile coin jumps

Three Arrows disclosed late last week that it is exploring assets sales and a potential bailout from another company due to financial difficulties that stem in part from the collapses of luna and related stablecoin terra in May.

Polygon (MATIC), ripple (XRP), axie infinity (AXS), low-profile coin near protocol (NEAR), maker (MKR), ecash (XEC), thorchain (RUNE), and basic attention token (BAT) also posted sizable gains as altcoins capitalized on a bitcoin (BTC) rise. BTC also fell back in the afternoon – when trading activity typically slows down.

NEAR to USD

 

Bitcoin hovers near threshold

Bitcoin stayed in the $21,000 range, which is considered a key threshold to prevent a large price decline. Ether, the coin backed by the Ethereum blockchain network, was up modestly in the afternoon after jumping in the morning.

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