Crypto market wrap: CEL rallies with other altcoin prices
Updated
Celsius Network’s coin CEL rallied Thursday with other altcoin prices as a short squeeze appeared to pay off.
CEL was up about 10% during late-afternoon trading in North America’s West Coast markets, according to CoinMarketApp data.
The rise resulted as CEL investors, known as Celsians, continued to promote their short squeeze campaign on Twitter.
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CEL to USD
Squeeze came after freeze
CEL has faced pressure since the parent network, a cryptocurrency lender, froze customer deposits and transfers due to financial difficulties early last week.
In a short squeeze, bulls try to gain the upper hand on bears by attempting to buy up 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, they have to short sellers have to cover their margins. If short sellers are unable to cover, they must buy the asset at a higher price. Hence, a short squeeze occurs.
CRV to USD
GameStop stock also rose
The CEL investor move is similar to a short squeeze waged by GameStop (GME) investors in January 2021 that caused the stock’s price to rise 1,000% in two weeks, Forkast reported.
The short squeeze began earlier in the week, according to Forkast, and CEL’s price jumped on Tuesday. But it plunged Wednesday along with market leader bitcoin (BTC) and other cryptocurrencies. But CEL managed to rally on Thursday as other altcoin prices also surged, continuing a week that has featured considerable volatility.
RUNE to USD
Polygon soars
Polygon (MATIC) soared 22% before receding slightly, while thor chain (RUNE) was up about 21% and cosmos (ATOM), avalanche (AVAX) and the Curve DAO’s token (CRV) also posted double-digit percentage gains.
Celsians appear determined
If Twitter posts are any indication, Celsians appear determined to keep squeezing CEL short sellers.
‘It didn’t die’
"We break $1 again in the next 12 hours! I don’t make the rules.,“ tweeted a Twitter user with the handle Garry the Elrond Apes Guy, predicting that the next pump would see CEL’s price rise to $3.
“They tried to kill [CEL] but it didn’t die,” added another Twitter user, who identified himself as Jono Spears, in a separate tweet.
Another user, known as Ace, predicted that celsians will “come out on top” regardless of “how things end” with the Celsius Network.
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