Is CEL The New BNB?

Is CEL The New BNB?

By Sapphire | Sapphire Crypto | 21 Jul 2021


Turning Back The Clocks

We can all pretty much agree that when markets turn bearish, the best Crypto to be exposed to is BTC. This is outside of stablecoins of course. Looking back on 2019 reveals something rather unexpected and amazing! An altcoin managed to outperform BTC in a bear market, being the first to accomplish this great feat, at least to my knowledge. BNB managed to hold up significantly stronger than BTC, amazing many in the Crypto space. It is generally expected that alts collapse into BTC during these times. However, BNB broke the mould and managed to rally against BTC, which only served to confirm that this was a project with a very serious future. Currently we are experiencing an absolute onslaught against Binance and subsequently BNB.

Think about it, if you are wanting to attack an industry, where will your attack be focused? It is pretty obvious that the most damage will be achieved by striking the leader in the industry. Binance is arguably the largest centralized exchange, as you cannot really incorporate Coinbase into the picture. Coinbase is already heavily controlled by the government and the decision to launch an IPO speaks volumes. There are loads of exchanges that should be suffering what Binance is currently enduring. However, Binance is the leader and unfortunately has to take the brunt of this onslaught. We all knew regulation would inevitably come and that it would most likely come at an opportune time, in order to provide entry for late adopters.

This is however besides the point. What I am really trying to say is that this was a predictable event when looking at the price action of 2019. Considering how steadfast BNB was during this time was indeed a tell tale sign of greatness to come.

Are We Seeing A Similar Pattern With CEL?

Alts are currently down significantly, with many being down as much as 80% or more! This is textbook bear market price action and has played out extremely fast. As I am writing, BTC is down approximately 51% from the all time high of 64K. On the other hand, CEL is only down 33% and this price action has only really played out in the last couple of days. For the last two months CEL was only down approximately 15% to 20% from the all time high and has only very recently seen a more severe correction.

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This is pretty impressive price action from CEL, when compared to BTC! CEL is currently outperforming BTC in this current bearish trend, which is perhaps a signal that Celsius may just be a star performer in the next bull market, or if this current cycle enters into a second phase.

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BNB's performance against BTC in 2019 was a tell tale sign that the project had tremendous force behind it and was just waiting for a bullish environment to ignite a massive rally. This is what we saw take place in 2021 and maybe what we will see take place with CEL in the not too distant future. The fact that Celsius is not limited by only one business model is also another very bullish aspect that perhaps many are still to realize. The expansion into the mining sector is also very interesting and may make a significant difference to the balance sheet in the next couple of years.

I am currently earning all of my interest in CEL token, as I think that over the long-term it will be a very wise move. This is obviously my own opinion and may not necessarily play out that way. However, I believe it is a well calculated risk that I am quite happy with.

Investors need to conduct their own research and have peace with the decisions they make. This is merely informative and should not be considered investment advice. This is my own opinion and what I believe could be a likely scenario to play out in time to come. Thanks for reading and see you in the next one! 

 

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Sapphire
Sapphire

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Opinions are my own and not financial advice.


Sapphire Crypto
Sapphire Crypto

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Opinions are my own and not financial advice.

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