Celestia TIA jumps as futures open interest, shorts liquidations soar

November 11, 2023 08:55 AM PST | By Invezz
Follow us on Google News:

Celestia (TIA) token price continued its comeback during the weekend as demand for the coin continued rising. The new cryptocurrency soared to a high of $4.10, which was 85% above the lowest point this week. Its total market cap has soared to over $527 million, making it the 93rd biggest cryptocurrency in the world.

Celestia is not the only cryptocurrency that is surging. Bitcoin is sitting comfortably above $37,000 while Ethereum, the second-biggest crypto in the world, has soared above $2,000. Similarly, Bonk, the Solana meme coin has jumped to $0.00030 while the total market cap of all digital currencies has jumped to over $1.4 trillion. This rally explains why TIA has jumped. 

Celestia price has also soared because of the rising volume and hype. Data compiled by CoinGecko shows that the total volume in the past 24 hours stood at over $526 million. Most of this volume, about 40%, came from Binance, the biggest exchange in the world. It is followed by Bitget and OKX.

Further data shows that TIA’s futures open interest and shorts liquidations have jumped. Open interest in the futures market soared to a record high of $77 million, with most of them coming from Binance.

Open interest is an important metric in the crypto and stock market. It refers to the volume of unfilled orders in the futures market. In most cases, a higher figure is a sign that there is elevated demand for the coin.

Celestia futures open interest

Meanwhile, shorts liquidations jumped to a record high as the token jumped. Shorts worth over $1.87 million were liquidated on Saturday. This is an important metric that shows the volume of short sellers that have been forced to close their trades.

For starters, Celestia is a new blockchain project that aims to disrupt the existing networks like Ethereum, Solana, Cardano, and Tron. Its key benefit is that it has modular features that securely scales with the number of users. 

As a result, developers can deploy their own blockchain in minutes and scale with ease. TIA, its cryptocurrency, is used to pay for the blobspace, secure the network, and participate in governance.

Celestia faces numerous challenges. For one, it is in an industry that has become highly competitive. Ethereum still has a leading market share in the smart contract sector. Other layer-1 networks like Tron, Avalanche, and Solana also have a smaller share. Further, it will compete with layer-2 networks that supercharge other blockchains like Ethereum. The most popular layer-2 blockchains are Arbitrum, Polygon, Base, and Optimism.

The post Celestia TIA jumps as futures open interest, shorts liquidations soar appeared first on Invezz


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies