The capitalization of cryptocurrency Terra (LUNA) has recently increased by around $3 billion, as reported by CoinMarketCap, following the crypto market rally and the upcoming Fed decision, which is expected to cause out mutation sudden fluctuations in the market.
Just a few days ago, Terra was showing signs of being positive as out of the top 30 investment assets, Terra took the lead in terms of market capitalization. Today, Ethereum’s biggest competitor has reached over $34 billion in market capitalization and trading volume has also reached over $3 billion in the past 24 hours.
Currently, LUNA is being traded for 91.98 USD. The daily chart shows that LUNA is currently moving within a strong uptrend in contrast to most of the crypto market.
Terra is a blockchain protocol that uses predetermined stablecoins to power price-stable global payment systems.
Terra started development in January 2018 and its mainnet officially launched in April 2019. As of September 2021, it offers stable coins pegged to the US dollar, won South Korea, tugrik shares and a basket of currencies International Monetary Fund Special Drawing Rights – and plans to roll out more options.
Over the past 17 days, LUNA has increased by more than 64% while Ethereum is down about 15% during this same time period.
Speculative interest in the token and the project’s underlying platform explains LUNA’s strong uptrend. The wrapper version of the token for investors on different networks like Ethereum to see the tokenized shows that Terra’s token looks better to investors than similar assets.