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. <
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%.