TIA, the native cryptocurrency of the Celestia modular blockchain, has seen a remarkable 36% price increase over the past week.
This recent surge in TIA price places the cryptocurrency as one of the best-performing digital assets among the top 100 cryptocurrencies by market cap.
According to data from CoinMarketCap, Celestia’s native cryptocurrency is leading the current cryptocurrency rally, up 36,46% at the time of writing.
The TIA cryptocurrency registered a price of $7,30 per unit this week, which represents a significant increase from its recent low of $4,50. However, despite this rally, TIA is still trading 68% below its all-time high of $20,91, recorded in February of this year.
Why is Celestia's price going up this week?
The rise of Celestia price It comes amid negative market sentiment and a backdrop of skepticism from many traders, as evidenced by negative funding rates on TIA perpetual futures contracts.
According to data from CoinGlass, funding rates fell to -0,12% over the weekend, a level not seen since January. These negative rates indicate that traders with short positions are paying those with long positions, reflecting an overall bearish sentiment in the market.
Still, the price of the cryptocurrency registered a significant increase that has positioned it at the forefront of the crypto market.
Source: CoinMarketCap
Analysts are hailing this rise as a hopeful sign amid recent market fluctuations.
On the other hand, the bullish rebound in its price may be related to the interest that has been aroused in investors by its key participation in the Modular Summit 3.0, an event dedicated to the modular revolution of blockchain technology.
What is Celestia?
Celestia distinguishes itself in the blockchain ecosystem for its modular approach, which uses the Data Availability Sampling (DAS) instead of traditional consensus mechanisms. This architecture significantly improves the scalability of the blockchain, increasing transaction throughput and optimizing cost reduction for applications that require large amounts of on-chain data.
The modular blockchain platform has gained traction recently, integrating with major players such as Orderly Network, a permissionless liquidity platform that handles over $500 million in daily trading volume.
What will happen to the price of TIA?
Celestia's recent performance has renewed interest and optimism among investors, although overall market sentiment remains cautious.
As mentioned, the Modular Summit, a 3-day crypto community event currently taking place in Brussels, Belgium and in which Celestia is playing a prominent role, could provide a further boost to the cryptocurrency and potentially influence the price of TIA in the coming weeks.
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