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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

LUNA Moves On Its Own Beat, Bulls Aim For New ATH

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Terra LUNA LUNAUSDT

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LUNA continues to display strength as the crypto market trends to the downside. Despite the current short-term increase in selling pressure, this cryptocurrency managed to enter uncharted territory, and its price action hints at more upside.

Related Reading | Inside Terra’s $2.38 Billion Reserves, What Made The Lineup?

As seen in the chart below, LUNA has been on its uptrend since August 2021. It briefly dropped towards the $40 area and resumed its momentum to $120.

At the time of writing, LUNA trades at $87 with a 4% profit in the 4-hour chart. As Bitcoin and larger cryptocurrencies bleed under the pressure of a broad market downside, LUNA hints at the moon.

LUNA LUNAUSDT
LUNA is on an upside trend on the 4-hour chart. Source: LUNAUSDT Tradingview

The long-term fundamentals behind this cryptocurrency’s increase are still in place. The Terra native cryptocurrency and its ecosystem have managed to attract new users due to its products and staking mechanism.

Two sides of the same coin, LUNA, and Terra’s stablecoin UST have taken over the DeFi sector. Recently, stablecoin became the third largest in terms of market cap.

Only surpass by USD Coin (USDC) and Tether (USDT) with over $50 billion in terms of market cap, UST reached the $17 billion market cap and displaced BUSD.

The increase in market cap could be interpreted as another metric of Terra’s adoption. The ecosystem has attracted attention due to its Anchor Protocol and this project’s 19% annual percentage yield (APY) for staking UST.

Data from Token Terminal measuring LUNA’s transaction volume (in pink in the chart below) confirms the rise of the Terra ecosystem. This metric stood at less than $50 million in April 2021 and reached an all-time high of close to $3 billion.

LUNA LUNAUSDT Terra
Source: Token Terminal

The increase in this metric seems to be correlated with LUNA’s price with an important uptick in November 2021, when the network saw the implementation of important updates.

LUNA Has The Fundamentals And Other Factors To Sustain Its Rally

As noted by a Terra user, the Anchor Protocol, probably one of the projects driven by LUNA’s current rally, continues to consolidate important partnerships and accessibility to different investment strategies. Recently, it announced deposits and withdrawals to the Mars Protocol’s Red Bank.

In addition, Anchor’s ANC was listed on Crypto.com, one of the largest crypto exchange platforms, as Terra increases its computability with other networks including Polkadot and Avalanche. The user noted this ecosystem’s milestones:

Anchor Protocol and Acala Network with help of Wormhole integrated to unite Terra, Polkadot DeFi ecosystems and to grow the decentralized stablecoin market. Hashed & Delphi Ventures co-lead seed round for Reactor Terra’s omni booster.

Related Reading | Terra Users Heads Up, Why NEAR May Launch Native Stablecoin With A 20% APR

Terra has also seen the deployment of new assets, liquidity pools, and the launch of the Terra Global Founder Fellowship program. This initiative is supported by Jump Capital, Hashed, Alpha Ventures, and others.

11🔸 @riskharbor redeployed a refreshed Ozone V1 Anchor $aUST protection pool. The capacity has increased by 200M.

12🔸 $UST is now available on https://t.co/Zeas4x8b3H Buy Crypto page. In addition, $UST / $USD and $UST / $USDT trading pairs are now live.

⤵️

— inactive (@closed_cardano) April 18, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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