Terra (LUNA) Outperforms Popular Cryptos Ether, Dogecoin In The Past 24 Hours

Christian Encila

Last Updated: March 3, 2022 11:12 am

2 mins read

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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

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.”

Featured image from Cripto Pato, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.