Terra (LUNA) Outperforms Popular Cryptos Ether, Dogecoin In The Past 24 Hours
03 March 2022 - 10:12PM
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Terra (LUNA) is storming higher towards market supremacy in the
realm of stablecoins, as investors tend to believe that its
algorithmic stability mechanism is long-term feasible. Its
crypto-reserve provides investors with a greater margin of safety,
which is always a positive indication. More stability is better
than less stability, particularly in light of the recent high
volatility. Terra’s token seems to be in great demand among
investors and individuals looking for a reliable cryptocurrency on
which to operate their businesses. Increased demand for this token
is expected to increase LUNA’s market position overall. Surpassing
Ethereum Terra recently overtook Ethereum as the second-largest
DeFi protocol, with approximately $18 billion in total value
locked, according to data provider DeFi Llama. The revelation that
Terra’s stablecoin, which is TerraUSD (UST), will be backed by a $1
billion Bitcoin reserve is another critical cause for Terra’s fast
growth and value gains. Many cryptocurrency holders are now
optimistic about LUNA’s growth because of this statement. TerraUSD
(UST), an Ethereum-based stablecoin, is expected to maintain its
value at $1.00. The TerraUSD reserve asset must be burnt for each
TerraUSD currency. Outperforming DOGE & Ether Unlike other
centrally backed stablecoins, LUNA does not have a monetary support
and is instead connected to the US dollar via the minting and
burning of tokens, which may limit bearish rates and hence preserve
token value. Within the past 24 hours, the digital token has
outperformed widely known cryptocurrencies such as Ether and
Dogecoin in terms of price and stability rates. Terra’s entire
market capitalization soared to $33.6 billion on the heels of a
strong surge in prices, overtaking huge brands like Solano and
Cardano to become the seventh-largest crypto brand in the market
today. LUNA total market cap at $36.81 billion in the daily chart |
Source: TradingView.com Related Article | Criminal Whales Hold $25
Billion In Crypto Assets: Chainalysis Report Terra (LUNA) Price
Update LUNA is now trading at $92.55, with 24-hour highs of $96.31
and lows of $89.26. It has a market value of $34.5 billion and may
reach $72.2 billion if entirely diluted. With a token supply of
more than $370 billion, its current volume is expected to exceed $4
billion. High Hopes For Terra According to Matt Hougan, chief
investment officer of Bitwise Asset Management, LUNA has been on an
“absolutely spectacular run, it has been mostly impervious to
recent market turmoil, falling less and recovering faster than its
competitors.” Meanwhile, LUNA might hit $98 by the end of March
this year, some analysts said. “Terra is hot among the cool kids in
crypto right now,” Hougan said, adding that people “love the team
behind Terra, and they love all the various applications being
built on it right now.” Related Article | Bitcoin Staggers After
Putin’s Nuclear Deterrence Alert Warning Featured image from Cripto
Pato, chart from TradingView.com
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