You’re welcome, Celsius [CEL]? Why Bitcoin [BTC] may be the catalyst here

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The recovering market has seen many cryptocurrencies cross the threshold of 100% to rally farther beyond expectations. Of late, however, one crypto-asset that has particularly stood out is Celsius. Look closely though and perhaps, a lot of credit for what Celsius is and where it is goes to Bitcoin. This, especially as the altcoin ended […]

The recovering market has seen many cryptocurrencies cross the threshold of 100% to rally farther beyond expectations. Of late, however, one crypto-asset that has particularly stood out is Celsius.is and where it is goes to Bitcoin. This, especially as the altcoin ended up following BTC right before the rally began.Back in June, right after the market crash, CEL was trading at a price of $0.283. Following the same, the altcoin managed to hike by 1,234.63% on the charts to trade at $3.

This reignited the rally and pushed the altcoin in Bitcoin’s path. The correlation between the two assets rose quickly, and within a month, it shot up from -0.4 to +0.66.While external factors played their part, it was the broader market’s bullishness that provided CEL with the support it needed to attain this rally.

 

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