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Ethereum-Based Altcoin Explodes 750%

The crypto market exploded and things are looking great today, following a lengthy period of corrections. Check out the latest reports about the altcoin prices today.

Ethereum-based altcoin explodes in price

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) is a utility token on the Ethereum blockchain for the centralized finance platform by the same name. The coin 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.

As noted by the online publication the Daily Hodl, 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 not too long ago 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.”

Bitcoin and crypto prices explode

Just the other day, it’s been revealed that traders are celebrating a highly-anticipated report from the Fed that details a meaningful reversal in inflation for the first time this year.

It’s been just revealed that the consumer price index (CPI) shows a year-over-year inflation increase of 8.5% in July, compared to 9.1% in June.

It’s also important to note the fact that while inflation remains red-hot, global markets are popping on the prospect that high prices have hit a peak and are finally in reverse.

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