Celsius Network (CEL) Out-Performing Bitcoin in 2020
CEL token has outperformed Bitcoin by about 1001% in the past 12 months which is a remarkable feat. This milestone was revealed in a LinkedIn post by Celsius Network CEO Alex Mashinsky.
Celsius Growth Spurred by DeFi Bubble
Celsius Network is one of the oldest crypto savings platforms and originally launched its CEL token in 2018. Since then the price of the crypto and the use of the platform has experienced a substantial increase with the most notable run coming in the last 12 months.
Celsius has been one of the major beneficiaries of the decentralized finance (DeFi) bubble. The crypto lending and savings platform has increased in userbase in recent months as the craze for DeFi products have taken over the crypto community.
This has caused a ripple effect on its price with the token initially doubling in its price in June and has continued this impressive growth in subsequent months. So far there has been a surge of more than 1000% since the March flash crash of the cryptocurrency market.
Celsius Network (CEL) has since raced into the top 70 crypto assets by Market capitalization ranking 62 on the list with a marketcap of $187 million which is double the amount it was in June. At the time of publication, Celsius Network (CEL) is valued at $0.78 per unit and also has a total locked-in value of over $1 billion.
Crypto Loans Market Boom Continues
Crypto lending has become the latest trend in the crypto ecosystem with several platforms launching in 2020. The market value has exceeded $8 billion already and still growing.
It is speculated by experts that Bitcoin and crypto loans are driving the surge towards mainstream crypto adoption due to the ease of investment.
Furthermore, it reduces the risks of investment as long term crypto investors can access fiat money while holding a portion of their crypto assets. The crypto lending sector has potentials as it has many use cases.
So many crypto startups like BlockFi and Celsius are pioneering new innovations in the space. Although there will continue to be a battle between decentralized or centralized lending. The fact is that crypto lending is one of the fastest-growing sectors.