In the past 24 hours, Celestia (TIA) price rallied over 13 percent to trade about $6.29 on Monday, thus initiating a fresh macro bull run.
As the crypto industry prepares for a potential bull market in the fourth quarter akin to the gold rally, cash flow to the altcoin industry, led by Celestia TIA $2.45 24h volatility: 6.3% Market cap: $1.47 B Vol. 24h: $61.89 M , is gradually increasing. Furthermore, the altcoin industry is expected to outshine the Bitcoin BTC $83 915 24h volatility: 1.2% Market cap: $1.67 T Vol. 24h: $26.01 B performance in the coming months, largely due to the diminishing returns.
Although Bitcoin remains a popular asset among institutional investors, the slow development and rigidity in the web3 sector have favored the altcoin industry. The altcoin industry has specialized in different niches and Bitcoin continues to fall short.
Celestia Secures $100 Million in Funding Round
On Monday, the Celestia Foundation announced that it had raised about $100 million from different venture capitals led by Bain Capital Crypto. Other participants in Celestia’s recently concluded funding round included Syncracy Capital, 1Kx, Robot Ventures, and Placeholder, among others.
Announcing $100M in new fundraising, bringing the total raised to $155M.
With Celestia underneath ✨, developers can deploy high-throughput, unstoppable applications with full-stack customizability.https://t.co/gOdTLqV353
— Celestia (@CelestiaOrg) September 23, 2024
As a result, Celestia has now raised a total of $155 million from different investors to build its specialized modular consensus and data network. Furthermore, the Celestia core developers launched the mainnet beta in the fourth quarter of last year, and enabled more web3 developers to successfully launch their products,
Interestingly, more than 20 rollup chains have been deployed on the Celestia data blobs since the mainnet beta launch. As a result, the Celestia network has grown into a vibrant web3 ecosystem with dozens of DeFi products including wallets, virtual machines, and cross-chains, among many others.
“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era,” said Mustafa Al-Bassam, co-founder of Celestia and Chairman of the Celestia Foundation. “Now, the core developers have introduced the technical roadmap to scale blockspace to the fiber optic era – while keeping it verifiable and low latency.”
Direct Impact on TIA Price Action
Following the announcement on Monday, TIA price rallied over 13 percent in the past 24 hours to reach a range high of about $6.86. As a result, the mid-cap altcoin, with a fully diluted valuation of about $6.7 billion and a daily average traded volume of around $408 million, has successfully broken out of a macro-falling logarithmic trend.
In the daily time frame, the TIA price against the US dollar has successfully closed above the 50 Moving Average (MA).
With the daily Relative Strength Index (RSI) on the cusp of breaking out of the 70 percent level, the TIA price is now aiming for a rally towards its all-time high. However, the TIA price must consistently close above the resistance/support level around $7.5 in the near term to invalidate a possible correction towards $5.
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