Tuesday, December 6, 2022

LUNA Surges 17% Amid Wider Market Recovery: Price Analysis

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LUNA surges 17% amid the wider market recovery and it is outperforming the broader crypto market following a huge surge and reclaiming the 8th spot in the rankings so let’s take a closer look at our latest altcoin news.

LUNA is the governance token behind the fast-growing Terra network rallied from $76.44 to the daily high of $91.6 and led the charge of the rest of the market recovery. Despite the correction from the intraday high and LUNA surges 17% over the day by press time and traded to $8.85. The latest price action saw LUNA which enjoys a cap of more than $31.5 billion and reclaim the eighth spot on the market while Cardano is placed in the 9th spot with a market cap of $31.3 billion. The token witnessed a huge amount of daily trading volume and up by 108% in the past day to surpass $3.1 billion.

luna price
Luna 24-hour Price Chart (Source: coingecko)

LUNA is one of the Terra network’s native tokens and decentralized stablecoins. The most popular of them is TerraUSD which also is the largest decentralized stablecoin ranking ahead of the MakerDAO DAI. It also reached another milestone and surpassed Binance USD in terms of marekt cap to become the third biggest stablecoin behind Tether and USD coin. Somewhere else, amid the post-Easter recovery, the price of RUNE increased by 15.6% over the past day and made it the second-biggest gainer behind Luna. After that, NEAR jumped by 13% in one day. Bitcoin dropped below $39,000 on Monday but increased today by over 4% changing hands at about $40,662.

Ethereum is up by 4.83% over the day and now trades at about $3.04 and among other top biggest cryptos by market cap, BNB SOL, AVAX all surged by 6%.

luna weekly
LUNA 7-day Price Chart(Source: coingecko)

The Luna Foundation Guard bought 2508 BTC worth around $100 million and has a plan to amass $10 billion worth. The LFG is a nonprofit organization responsible for building the reserves that back the Terra pegged stablecoin TerraUSD. About $17 billion worth of crypto has been issued so far and became the 14th biggest digital asset by market cap. The entity’s former reserve model backed the stablecoin sign a protocol native crypto LUNA which is now the ninth-biggest at present. The organization is now choosing to back the stablecoin with BTC and in the interview with Anthony Pompliano, Kwon said that the main crypto is the soundest and most credibly neutral asset in the crypto asset space.

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