TIA, the native cryptocurrency of the Celestia blockchain made some remarkable gains this week after going up 50% in value. The token experienced a massive spike in the second week of the year but the upward momentum of TIA has relatively slowed down in the last 24 hours, with the token now trading at $17.60.
However, investors are optimistic that the Celestia token will hit $50 by the end of this year.
Today, we will analyze whether Celestia can regain its recent price surge and reach an all-time high or if it will drop in the coming months.
So, without further ado, let us get started.
What is Celestia?
It is always good to start with the basics. The Celestia blockchain only went live in October 2023 but has already caught the attention of investors and developers alike.
The project touts itself as a modular decentralized network that aims to provide blockchain infrastructure for developers to build various Web3 projects. Celestia enables developers to launch their projects on the blockchain by separating data availability from the main chain.
This way, Celestia can improve its efficiency and also maintain scalability to serve an increasing number of users who are expected to get onboard.
Even though the project is still in its infancy, it has already garnered support in the crypto market.
Now it is time to look at the market performance of TIA.
Historic and Current Market Performance of TIA Token
As of January 18, 2024, Celestia (TIA) is trading at $17.41. Even though the token has lost 4.5% of its value in the last 24 hours, TIA recorded weekly gains of 3.1%, 14-day gains of 26%, and a monthly gain of 34.3%. Since its launch, the cryptocurrency has grown over 740% in value.
The native utility and governance token of the Celestia blockchain began trading on October 31, 2023, at around $2. After trading sideways for almost a week, TIA surged to $7 by November 19. Despite its price dropping multiple times later, it has seemingly enjoyed an overall upward trajectory.
TIA was among the several cryptocurrencies, including Solana (SOL), that surged in value at the beginning of December when it crossed the $14 mark for the first time. This price increase resulted in Celestia experiencing a 200% growth in just 30 days. The token’s growing popularity led to major cryptocurrency exchanges such as Binance, Coinbase, OKX, ByBit, and others listing it.
TIA prices have been skyrocketing since the turn of the new year. One reason for this significant increase in value is the combination of two factors. Firstly, there has been a massive surge in the staking of TIA on the Celestia network, and secondly, new TIA wallet addresses are being created every passing day.
Celestia also managed to record a new all-time high of $20.16 earlier this week, before dropping to its current price.
Will Celestia (TIA) Hit $50 In 2024?
Following a record-breaking run to the upside, where it even recorded multiple all-time highs, TIA is now experiencing a price correction, which has led to a short-term price drop. Despite the low prices, investors and market analysts believe that Celestia is a legitimate crypto project with potential for future growth.
The blockchain has strong fundamentals when it comes to ensuring the efficiency and scalability of distributed ledger technology (DLT). Celestia is even addressing many of the issues faced by popular blockchain protocols like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Although some analysts are critical of the token, they do believe the underlying project to be a game changer for the crypto industry and DLT.
Considering all the facts, it is not a question of if but when Celestia token will reach the coveted $50 mark in 2024. If the project continues to move ahead with its current momentum, TIA can rally to the price target in a matter of months. The upward trajectory will be propelled by increased adoption and investor interest.
Experts say TIA will rise in value once the price correction period comes to an end.