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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Terra LUNA LUNAUSDT
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LUNA Moves On Its Own Beat, Bulls Aim For New ATH

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in DeFi
Reading Time: 2 mins read

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.

⤵️

— Helen | Everstake (@helen_everstake) April 18, 2022

Tags: LUNALUNAUSDTTerra
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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