Crypto market wrap: Celsius disrupts altcoin prices’ quiet day
Updated
The beleaguered Celsius Network coin disrupted an otherwise quiet day for altcoin prices Thursday.
CEL experienced more volatility as it spiked during the final hour before conventional North American markets closed. The cryptocurrency finished up 13% and stayed above $3. (All figures based on CoinMarketCap data.)
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CEL to USD
Second straight double-digit gain
CEL posted a double-digit gain for the second straight day after dropping 23% and 16% on Monday and Tuesday, respectively.
CEL has come to know volatility well, experiencing sharp increases and declines since the Celsius Network collapsed, and fellow crypto lender Voyager Digital and hedge fund operator Three Arrows Capital collapsed.
All three companies filed for bankruptcy protection after being hammered by the collapses of the original luna coin and related terraUSD stablecoin.
But, as was the case on the first three days of this week, CEL was an outlier in relation to the rest of the market.
FLOW to USD
Investors in holding pattern
Most altcoin prices had another quiet day as investors remained largely in a holding pattern.
Until CEL stole the show, gains and losses were modest
Unheralded coins FLOW, gnosis (GNO) and cosmos (ATOM) showed some lustre as they were up between 2% and 3.5%. They led the pack until CEL soared.
GNO to USD
Mostly modest declines
On the whole, the market was down slightly.
Coins in the red vastly outnumbered those in the greens; however, there were few losses of more than 5%, and all declines were in the single digits.
The Huobi exchange’s token (HT), which spiked last week, took the hardest hit as it fell about 8%.
Shiba Inu (SHIB), which is named after the breed of Tesla founder Elon Musk’s dog, ranked among the large losers with a 7% decline.
Dogecoin (DOGE), which has risen and fallen at times in accordance with Musk’s views on it, was down about 4%.
Market leaders stay course
Market leaders bitcoin (BTC) and ether (ETH), the main coin of the Ethereum blockchain, stayed the course as they remained in their respective $23,000 and $1,800 price ranges.
Ether continued a recent trend of outperforming bitcoin as both coins were up slightly on the day.
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