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Terra Luna Is up 34% in the Last 7 Days as Market Selloff Erases December Gains

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Mon, 12/06/2021 - 15:17
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Tomiwabold Olajide
Terra (LUNA) is among top 10 most valuable cryptocurrencies in terms of market capitalization
Terra Luna Is up 34% in the Last 7 Days as Market Selloff Erases December Gains
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Terra LUNA is up 34% in the last seven days, according to CoinMarketCap data, and is currently trading at $64.14. Terra has maintained its weekly and monthly gains despite a market-wide selloff that wiped off hundreds of billions of dollars since Dec. 4.

CoinmarketCap Top 10 Cryptos

Top 10 Cryptocurrencies, Courtesy: CoinmarketCap

The cryptocurrency market led by Bitcoin suffered a huge drop as most tokens tumbled to multi-month lows in the wake of panic selling. Except for a few coins like Terra (LUNA) and Polygon (MATIC), which are up 7.81% and 1.38% for the month, practically all tokens in the top 100 have lost their seven-day and, thus, monthly gains.

Terra (LUNA) now ranks among the top 10 largest cryptocurrencies by market capitalization, according to CoinMarketCap, as investors took advantage of the ''flash crash'' to load up LUNA tokens. LUNA continues to benefit from the economic growth of the Terra economy.

Millions of Luna tokens were burned in the months following a Terra protocol upgrade to help maintain UST pegged to Terra's fiat value, lowering the coin's supply and driving up its value.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.