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Terra Luna continues to outpace the rest of the top 10, according to CoinGecko data, rising 39.4% in the last seven days. LUNA is up 40.2% in the past 30 days and 14,244% year to date, on its way to new all-time highs.
U.Today reported on the present crypto market recovery, with the majority of tokens posting a rebound from their recent lows. Amid this rebound, Terra is journeying its way back to its recent all-time high of $85.50 marked on Dec. 4 before the market cascaded to selling pressure, as it trades in an ascending bullish channel.
Terra remains significantly up since late November and has become the 10th largest cryptocurrency by market cap, surpassing Dogecoin, Avalanche and Shiba Inu. A new design for keeping stablecoins pegged to their fiat value was one of the major developments from the network's Columbus-5 upgrade in October: whenever UST is minted, LUNA of the same value is burned.
Since the Columbus-5 update went into effect at the end of September, Terra Analytics estimates that over 100.5 million LUNA tokens have been taken from the total circulating supply.
Terra also ranks as the third-largest smart contracts platform by total value locked (TVL) at $14.17 billion, surpassing the likes of Solana, Avalanche and Tron, according to data from DeFi Llama.
As of press time, LUNA is exchanging hands at $72.80, up 8.63% in the last 24 hours.
Alex Dovbnya
Dan Burgin
Vladislav Sopov