This Altcoin Rallied by Triple Digit Rates in One Month!

An Ethereum (ETH)-based altcoin, which is among the top 100 cryptocurrencies by market capitalization, has surged by triple-digit rates in the last 30 days.

Celsius Network (CEL) can't get enough of the rises! Celsius Network (CEL), a service altcoin on the Ethereum blockchain, is up 239 percent since July 12, when the cryptocurrency closed the day at $0.735. Ranked 60th by market capitalization, CEL is trading at $2.48 at the time of writing. In the past two months, Celsius Network (CEL) has increased 750 percent from the 2022 low of $0.28 reached in mid-June after the platform faced liquidity challenges and stopped withdrawals. Celsius Network announced last month that they had filed for bankruptcy. To summarize, after the decline in the crypto market, Celsius faced a liquidity crisis. The company evaluated its assets and predicted that if every customer withdrew their balance, it would not have enough liquidity to pay them back. According to statements made by Celsius, the decision to halt withdrawals was made in order to reposition Celsius to be able to fulfill future withdrawal requests and navigate these turbulent market conditions. A Ripple spokesperson noted in a statement to Reuters on Wednesday that the payments firm is willing to conduct a feasibility study on the platform to scale its operations and is actively seeking merger and acquisition opportunities. In another post, Ripple said that no concrete decision has yet been made to acquire Celsius assets, and that for now it is only interested in finding out whether these assets are "relevant" to its business, according to the report. "We want to learn about Celsius and its assets and whether they would be relevant & useful to our business." The rebound in the CEL token price comes at the same time as Celsius Network announced plans for how it will proceed with its bankruptcy process. Starting last month, customers will now be able to file claims using Stretto, the platform's claims institution. Celsius Network also announced that it would allow its clients to either receive compensation in cash or hold their crypto assets. "We intend to offer a plan that will provide clients with the option to hold a long position in cryptocurrencies. The investment information, comments and recommendations in this article are not investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.