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Terra (LUNA) Hits Yet Another All-Time High, Surpasses XRP

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Sun, 3/04/2022 - 8:16
Terra (LUNA) Hits Yet Another All-Time High, Surpasses XRP
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The price of Terra (LUNA) hit a new all-time high of $117.70 earlier today.

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It is up more than 7% over the last 24 hours, according to data provided by CoinMarketCap.

LUNA is now the seventh-biggest cryptocurrency by market capitalization, surpassing Ripple-affiliated XRP once again. It is currently valued at $41 billion.

The governance token of the Terra network has been on a roll over the past few weeks amid Terra’s spectacular Bitcoin buying spree.        

At press time, the official address of the Luna Foundation Guard (LGF), a non-profit organization established by Terraform Labs,  holds roughly $1.4 billion worth of Bitcoin.       

As explained by Terra co-founder Do Kwon, the main purpose of the reserve is to help to maintain the dollar peg of the TerraUSD (UST) stablecoin.   

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As reported by U.Today, Terra intends to increase its Bitcoin stash to up $10 billion, aspiring to become the biggest single-wallet holder of the largest cryptocurrency.

Kwon told cryptocurrency podcaster Laura Shin earlier this week that he expects the price of Bitcoin to shoot up in the future. In such a case, UST will continue maintaining its stability even if demand starts waning. However, he didn’t rule out a worst-case scenario, in which the price of Bitcoin trades significantly lower six months from now.

Terra’s UST remains the most popular decentralized stablecoin with a market cap of $16.5 billion.

After hitting a 2022 high of $48,086 earlier this week, Bitcoin is struggling to regain its bullish momentum. The flagship cryptocurrency is currently changing hands slightly above the $46,000 level on major spot exchanges.

Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), and XRP are flat-lining at the time of writing.

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