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Crypto market wrap: Celsius disrupts altcoin prices’ quiet day

By Monte Stewart


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In this article:
9.6330 USD
-0.5331 -5.280%
Bitcoin / USD
16860.05 USD
-170 -1.000%
1.8300 USD
0.0013 +0.120%
DogeCoin / USD
0.0961876 USD
-0.0040107 -4.030%
Ethereum / USD
1234.69 USD
-23.91 -1.900%

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Image of coin and graph
FLOW showed some lustre on a generally quiet day for altcoin prices Thursday.

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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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.


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.


0.38 Price
-1.920% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00300


1,234.69 Price
-1.900% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00


0.00 Price
-3.690% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000683


16,860.05 Price
-1.000% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00


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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