Should I invest in Celsius (CEL) in July? Here’s my price prediction.

When we look at Celsius CEL/USD, it has seen quite a significant jump in value since its creation back in 2018. Specifically, the price of CEL is up over 3,000% and investors are naturally wondering if there is more upside potential or all the major gains have been recorded.

The Celsius project offers rewards for depositing coins into the platform and offers services such as loans as well as payments. 

Its main aim is to outperform both banks as well as any other financial institution through offering financial services at much lower and affordable price points that the competition is lacking. 

Optimistically, we can see the value go up as the number of potential users who require this service rises. 

Celsius’s recent developments

On June 28, Celsius added BNB, BNT, and DOT tokens, which means that HODLers had the opportunity to earn weekly rewards on over 40 coins through the Celsius mobile and web app. 

The company also announced that it would add other cryptocurrencies in the future with the eventual goal being to bring the next 100 million people into the future of finance. Here, CEL was valued at $5.39. 

If this mission does indeed keep on flowing as it does now, we could see a higher demand for the CEL token.

On July 1, Celsius announced that they would distribute profits from $200 million towards building a Bitcoin mining infrastructure to the customers that deposit their funds onto the platform.  

Keep in mind that the company already has earnings from its lending business which is aimed at retail as well as institutional customers through leveraging decentralized finance (DeFi) protocols.

The company also distributes around 20% of its profits among the customers, which results in over 10% yearly gain on specific assets such as stablecoins if the user chooses to be paid in the CEL token. This keeps the demand for CEL high, as well as the value. 

Should you buy Celsius (CEL)?

On July 5, CEL was worth $6.93.

Celsius (CEL) has seen a bullish run, with a 96% concentration by large holders and $2 million in total exchange inflows throughout the past 7 days.

The on-chain signals predict a net network growth of 2.56%, where the currency could increase by 3.87% by the end of the week, according to data from IntoTheBlock.

Aside from that, the addition of BNB, BNT, and DOT to the network is sure to drive up the demand as well as the value of CEL, and we can look at that as a point of growth.

With the $200 million investment in a Bitcoin mining infrastructure, users will receive yield from it, which is also an appealing factor that makes CEL a worthwhile investment. 

At its current price of $6.93 and expected growth of 3.87%, CEL is a worthwhile investment, especially for the long term when the Bitcoin infrastructure is built, which could occur by the end of 2021.

The post Should I invest in Celsius (CEL) in July? Here’s my price prediction. appeared first on Invezz.

Publication date: 
07/05/2021 - 21:59
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.