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

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Sun, 12/05/2021 - 10:38
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Alex Dovbnya
Even the Bitcoin crash couldn’t stop Luna from hitting new record highs
Terra (LUNA) Price Reaches New Record High Despite Brutal Market Correction
Cover image via stock.adobe.com

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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.    

Terra
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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.