Ethereum-Based Altcoin Explodes by 750% in Just Two Months, Outrunning Bitcoin and Crypto Markets

An Ethereum (ETH)-based altcoin ranking among the top 100 crypto assets by market cap is up by triple digits over the past 30 days.

Celsius Network (CEL), a utility token on the Ethereum blockchain for the beleaguered centralized finance platform by the same name, is up by 223% since July 12th when the token closed the day at $0.735.

CEL is trading at $2.38 at time of writing and is ranked 60th by market cap.

Over a two-month period, CEL is up by 750% from a 2022 low of $0.28 reached in mid-June after the platform encountered liquidity challenges and halted withdrawals. Celsius Network filed for bankruptcy last month.

The recovery in the CEL token’s price coincides with Reuters reporting Wednesday that payments firm Ripple Labs is “interested in potentially purchasing assets of bankrupt crypto lender Celsius Network.”

A Ripple spokesperson told Reuters on Wednesday that the payments firm was keen on conducting a feasibility study on the platform.

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business.”

The recovery in the CEL token price has also coincided with Celsius Network revealing how it would proceed with the bankruptcy process.

Last month the platform opened the door for customers to file claims through its claims agent Stretto.

Celsius Network also revealed it would allow its customers to get compensated either in cash or to retain their crypto holdings.

“We intend to file a plan that will provide customers with an option to remain long crypto.

Customers can now file a notice of a claim with Stretto.”

Generated Image: StableDiffusion

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