Celsius Price Prediction: Is CEL a Good Buy?

Celsius is an all-in-one banking and financial services blockchain platform. The users of the platform get rewarded for depositing the cryptocurrency and can use other financial services, including loans and wallet-style payments. 

The project was initially created in 2017 by Alex Mashinsky and Daniel Leon. By 2022 the number of users exceeds 2 million and the total amount of processed loans surpassed $8 billion. Currently, the project functions with the efforts of the core team of over 200 professionals, which includes technical developers and advisors with impressive experience in many financial and crypto-related fields. 

The vision of the project is very ambitious as it aims to offer financial services that banks fail to provide, such as fast transactions with low or zero fees and high and fair yields. In this way, Celsius wants to destroy the existing industry and create a new one that will be based on crypto and provide each user with wider financial freedom. Interestingly the Celsius company has more than $200 million invested in Bitcoin mining and is one of the largest miners in Northern America. 

Celsius plans to outperform the banks by offering much higher rates on returns from savings and deposits, easier and lower loan requirements, and reduced interest, penalties, and financial services fees. Moreover, there are algorithmically computed rewards for each user. Celsius also lends funds to some institutional organizations, such as hedge funds. 

The network uses a modified Proof-of-Stake consensus algorithm. 

CEL is the native ERC-20 token of the Celsius network. It is used for some user-related operations on the network and is also tradable outside of the platform on external exchanges. During the Initial Coin Offering in 2018, the asset raised $50 million. The CEL token has a total supply of 695 658 161 tokens, with 76% the circulating and 24% locked according to the plan. 

In June 2022 Celsius paused all the operations between the accounts, including withdrawals, swaps, and transfers due to “the conditions of the market”, even though the users kept receiving the rewards for their deposits. As of June 22, the service still didn’t lift the suspension.