Celsius (CEL) was one of the hardest-hit cryptocurrencies in May’s market crash and continues to decline in June following heavy selling by whales.
Celsius has come under scrutiny by market critics as one of the world’s leading crypto lending platforms after its parent asset CEL fell to new highs in May. Be. As per CEL, CEL closed the fifth month of 2022 with a market capitalization of approximately $199.8 million.[In]crypto research.
This was a 59% drop from the opening day of May’s market cap. On May 1, CEL saw trading volume of $3.65 million, corresponding to a market capitalization in the region of $498 million.
Why is the market capitalization falling?
The massive drop in the overall market capitalization of cryptocurrencies in May, mainly from the week of May 9 to May 13, can be attributed as the reason for the crashing market capitalization of Celsius.
The correlation of crypto with the stock market that has plummeted to new lows, geopolitical events and rising inflation were factors in heavy selling by individual whales and institutional investors.
In May, trading volume reached a peak of $14.84 million on May 12. On that day, the CEL opened at $1.03, reached an intraday low of $0.507, closed at $0.9907, and corresponded to a market capitalization of approximately $236.64 million.
This was a 52% drop in Celsius’s opening day market cap. Due to fall in prices, CEL could not recover to retest the $1 mark for the rest of the month.
CEL Price Feedback
CEL opened on May 1 at $2.01, reached a monthly high of $2.18 on May 4, tested a monthly low of $0.507 on May 12, and closed the month at $0.8366.
Overall, this equates to a 58% reduction between the opening and closing prices of CEL in May.