Despite the bearish market for the past month, some altcoins have performed well with the developments from their network. Similarly, Terra (LUNA) is one such network that has showcased its potential in the crypto market. Moreover, LUNA was the top gainer of the day on Tuesday.
For the past few days, Terra’s native coin LUNA has been depicting a bullish rally and has surpassed leading cryptocurrencies in terms of performance. LUNA is marching towards an uptrend and is about to achieve a new ATH while currently trading at $90.51. With the 7-days statistics, it records that LUNA has surged over 46.59% with a trading volume of more than $4 billion for the day.
Second Largest PoS
According to the data from Staking Rewards, Terra’s LUNA is the second-largest PoS surpassing Ethereum 2.0 by staking market cap. This depicts the potential of LUNA, while it is considered a strong competitor of Ethereum. On the other hand, Terra (LUNA) trails Ethereum in terms of total value locked (TVL), which is presently $23.7 billion.
As a matter of fact, Terra is now the seventh top cryptocurrency in the market. It has surpassed the strong potential coins such as Solana (SOL), Cardano (ADA), and Avalanche (AVAX). As per the trading charts for the past week, LUNA is the token that records high gains among all the top ten cryptocurrencies.
The story behind this bullish rally might be the announcement of the over-the-counter sale of LUNA cryptocurrency from the Terra Foundation. However, Terra hosts 13 DeFi protocols, which seems to beat Ethereum’s DeFi market cap. Significantly, LUNA’s price has also risen due to the burning mechanism of Terra’s native stablecoin, UST. Furthermore, these updates and implementations have supported in all ways for LUNA to surge in price value.