Celestia has barely moved in the past 24 hours, with the TIA price standing at $16.66 as the wider market suffers a 1% loss.
TIA remains up by 8% in a week and by 23% in a month, with the layer-one token down by 17% since hitting an all-time high of $20.16 a couple of weeks ago.
The coin has seesawed since reaching this record high, struggling to set a new peak as the cryptocurrency market experiences similar indecisiveness.
Now, traders are wondering whether a move to the downside is coming.
Yet, as uncertain as it has been in recent weeks, there are other promising coins to diversify into, with new stake-to-mine platform Bitcoin Minetrix raising more than $10 million in its presale.
Is Celestia About to Crash? TIA Price Drops 10%
TIA’s chart is in a largely bearish position right now, with its indicators suggesting that further falls could be coming in the near term.
Most notably, it looks like its current price could be about to drop below its 30-day moving average (yellow), a move that can undermine market confidence.
Source: TradingView
At the same time, TIA’s relative strength index (purple) has been hovering around the 50 mark for nearly two weeks now, underlining how it’s struggling to regain clear momentum.
The coin’s trading volume also highlights its struggles, given that it has fallen from $850 million in early January to $200 million today.
This indicates a loss of market interest in the token, which rallied strongly between mid-November and mid-January on the basis of new exchange listings.
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Now, it seems that the dust has settled a little, with holders taking profits over the past couple of weeks.
What will push the TIA price in the medium- and long-term is the growth of its native platform, Celestia.
This is a new ‘modular’ blockchain, designed to scale in proportion to the number of users on its network.
Its technology sounds promising, but it remains very young and has so far attracted no major adoption or use, despite launching its mainnet in late October.
For instance, it doesn’t currently have any entry on DefiLlama, suggesting no or very little total value locked in.
For this reason, its price could be relatively quiet for the next few months, failing to return to previous heights until it racks up some real-world usage.
Bitcoin Minetrix Surpasses $10 Million Milestone
The cryptocurrency market is currently spoilt for promising new projects, with Celestia being one of the latest.
And it isn’t the only one, with several exciting new altcoins currently holding their presales and gaining momentum as they prepare to list.
The best example of this is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised over $10 million in its heavily subscribed token offering.
Big Announcement! #BitcoinMinetrix has hit a phenomenal milestone, raising over $10,000,000! pic.twitter.com/toEsT1NvWv
— Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
The reason why investors are going for Bitcoin Minetrix in a big way is that its platform is promising to overhaul Bitcoin mining for the better.
That is, its platform will enable users to mine Bitcoin (BTC) by staking its native token, BTCMTX.
That’s all users have to do, with staking earning tokenized mining credits, which they can then spend on purchasing Bitcoin hashing power.
As a result, they will receive a share in mined BTC, while they’ll also gain staking rewards in the form of freshly issued BTCMTX.
It therefore promises to be a highly lucrative platform, and when coupled with its ease of use, it should attract plenty of users.
Embarking on an exciting journey into cloud mining with #BTCMTX!
Users gather staking credits, monitoring their mining capabilities.#Ethereum network’s smart contracts guarantee seamless, decentralized distributions, ensuring a secure and dependable mining experience. pic.twitter.com/l1NXxe2XRz
— Bitcoinminetrix (@bitcoinminetrix) January 30, 2024
BTCMTX is currently selling at $0.0132 per token, with investors able to join by going to the official Bitcoin Minetrix website.
All they have to do is connect their software wallets and buy the desired amount of BTCMTX, with nothing else to do after that except to wait for the coin to list.
The post Is Celestia About to Crash? TIA Price Drops 10% as Bitcoin Minetrix Surpasses $10 Million Milestone appeared first on Cryptonews.