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Terra Luna Outperforms Top 10 in Gains as Crypto Market Rebounds

Wed, 02/23/2022 - 13:10
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Tomiwabold Olajide
Terra Luna leads top 10 in terms of returns as crypto market rebounds
Terra Luna Outperforms Top 10 in Gains as Crypto Market Rebounds
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Per CoinMarketCap data, Terra (LUNA) is up nearly 15% in the last 24 hours at a present price of $57.82. The cryptocurrency market is posting a rebound in the last 24 hours as the total market valuation increases by 5.47% to stand at $1.76 trillion at press time.

CoinMarketCaps Data
Courtesy: CoinMarketCap Data

LUNA, the native token of smart contracts blockchain Terra has outperformed the top 10 cryptocurrencies in terms of gains over the last 24 hours, thanks to rising investor optimism.

Terra outpaced lead asset Bitcoin (BTC), which has gained over 4%, and Solana, which has gained 7.10%. Avalanche (AVAX) cryptocurrency, which is up 12%, is another big gainer in the top 10.

Luna Foundation Guard's (LFG) plan to develop a Bitcoin-denominated reserve as an additional layer of security for UST, whose value is fixed 1:1 to the U.S. dollar, aligns with LUNA's recent price improvements. LFG also stated that it had raised $1 billion in private token sales to add to its Bitcoin reserve, with buyers agreeing to lock up their coins for a four-year vesting period. Jump Crypto and Three Arrows Capital were among the investors in the funding round.

Terra is one of the hottest topics in the crypto space

Apart from that, Terra's LUNA token is one of the most talked-about cryptocurrencies on the market, despite its lackluster performance over the last three months, according to Santiment.

LUNA is seeing the greatest discussion surrounding the token since October, according to the social metric, which could indicate incoming buying power from retail investors. The increase in social volume may likely have contributed to the recent price increase as well.

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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.