Terra Soars 9%, Outstripping Other Top Coins

The price of Terra (LUNA) has soared 9% over the past 24 hours, outperforming the rest of the cryptocurrency market.

The governance token of the Terra platform is currently outperforming the rest of the cryptocurrency market. It is trading at $88 on major spot exchanges.

Bitcoin (BTC), the world’s largest cryptocurrency, is also in the green after reclaiming the $40,000, but it is only up by a mere 0.83%. Earlier today, the flagship cryptocurrency slipped below the $39,000 level, reaching its lowest price point in more than a month. <

The largest altcoins, including Ethereum (ETH), are flat-lining at the moment after paring some losses. Cardano (ADA) has fallen below LUNA once again after dipping more than 2%. Solana (SOL) remains in seventh place despite underperforming other top cryptocurrencies.    

As reported by U.Today, TerraUSD (UST), the most popular algorithmic stablecoin within the Terra ecosystem, recently surpassed Binance USD (BUSD) by market capitalization. It is now the third-biggest stablecoin, training behind Tether (UST) and USD Coin (USDC).

Despite underperforming big time in January, LUNA went on a massive rally in February because of the creation of a Bitcoin-denominated stablecoin reserve by the Luna Foundation Guard (LFG).

The LFG’s total reserve balance currently stands at $2.41 billion, with Bitcoin accounting for 69.3%.