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Terra (LUNA) Price Reaches New Record High Despite Brutal Market Correction

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Sun, 5/12/2021 - 10:38
Terra (LUNA) Price Reaches New Record High Despite Brutal Market Correction
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The price of LUNA, the native cryptocurrency of payment-focused blockchain network Terra, has reached a new all-time high of $77.16 earlier today.

The cryptocurrency has climbed to 9th spot on CoinMarketCap, surpassing Polkadot.

It is up 35% over the past 24 hours alone, extending its bullish streak.    

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Image by coinmarketcap.com

The token’s market capitalization has now swelled to $30 billion, which puts it right below Ripple-affiliated XRP.   

LUNA’s record price peak came amid a massive market crash that sent shockwaves through the industry.

On Dec. 4, Bitcoin, the largest cryptocurrency by market cap, crashed by an eye-popping 21%, sending the vast majority of major altcoins sharply lower.

However, Ether significantly outperformed Bitcoin, with the ETH/BTC pair spiking to 0.855 BTC, its highest level since May 2018.

Bitcoin’s market share has now slipped below the psychologically important 40% level.

 

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