As a seasoned crypto investor with a knack for spotting promising projects and a portfolio that weathered the 2017 bull run and the subsequent bear market, I find myself intrigued by the surging interest in Celestia (TIA). The recent funding round of $100 million led by Bain Capital Crypto is undeniably a significant vote of confidence in the altcoin industry.
As we approach the fourth quarter and anticipate a bull market similar to the gold rush for cryptocurrencies, cash flow towards altcoins, notably Celestia, is on the rise. In contrast, Bitcoin‘s performance in the upcoming months is expected to be overshadowed by altcoins, as diminishing returns take effect.
While Bitcoin still enjoys significant backing from institutional investors, the gradual pace and inflexibility within the web3 space have given rise to a flourishing altcoin market. The altcoin sector has carved out distinct areas of specialization, and Bitcoin often finds itself lagging behind in these aspects.
Celestia Secures $100 Million in Funding Round
On Monday, the Celestia Foundation disclosed that they had garnered approximately $100 million from various venture capital firms, with Bain Capital Crypto serving as the main investor. Other contributors to Celestia’s recent funding round included Syncracy Capital, 1Kx, Robot Ventures, Placeholder, and several others.
Announcing $100M in new fundraising, bringing the total raised to $155M.
Underneath the starry skies of Celestia, developers have the ability to launch robust, uninterruptible applications that offer extensive customization options across all layers.
— Celestia (@CelestiaOrg) September 23, 2024
Consequently, Celestia has amassed a grand total of $155 million from various investors, which they will utilize for constructing a unique modular consensus and data network. Notably, the mainnet beta was introduced by the Celestia core team in the final quarter of last year, paving the way for an increased number of web3 developers to successfully debut their projects.
It’s worth noting that over 20 rollup chains have been set up on Celestia data blobs since the mainnet beta launch. This has led to the expansion of the Celestia network into a dynamic web3 ecosystem teeming with numerous DeFi offerings such as wallets, virtual machines, and cross-chains, in addition to many other products.
In simpler terms, Mustafa Al-Bassam, co-founder of Celestia and head of the Celestia Foundation, stated that when Celestia was launched last year as the pioneering modular data layer, it moved blockspace from the slow data transmission era to a faster one, similar to upgrading from dial-up internet to broadband. Now, the main developers have outlined their technical plan to further enhance blockspace speed, bringing it up to the level of fiber optic technology – all while ensuring it remains reliable and responsive.
Direct Impact on TIA Price Action
After Monday’s announcement, I saw TIA‘s price surge by over 13% in the past day, peaking at approximately $6.86. This mid-cap altcoin, valued at around $6.7 billion and trading about $408 million daily, has managed to break free from a long-term downward logarithmic trend.
During regular trading hours, the Trade Indicator A (TIA) value surpassed its 50-day Moving Average (MA) when closing.
As the Relative Strength Index (RSI) nears a breach of the 70% threshold, the TIA price appears poised for an uptrend that could reach its record high. But for this bullish trend to be sustainable, the TIA price needs to maintain closures above the nearby resistance/support level at around $7.5 in the short term. Otherwise, a potential pullback towards $5 might occur.
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2024-09-24 11:49