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.
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