Sunday, December 10, 2023

LUNA Recovered 12% As Bitcoin Reclaims $30K: Price Analysis

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LUNA recovered 12% as Bitcoin reclaimed the $30k Price point while other altcoins went on the offensive with some more gains as well so let’s read take a closer look at today’s latest altcoin news.

Terra’s crashing LUNA token increased by double digits which is something that most in the industry didn’t expect to see. After the calm weekend, Bitcoin initiated an impressive leg up and surged above $30,000 with most other altcoins being in the green and ETH standing north of $2000 and BNB reaching a new two-week high. The past week was less volatile than the previous week where BTC dumped by $15,000 at one point and in the past week or so, the asset remained around the $30,000 price point with a few attempts to overcome the level but with almost no success.

BTCUSD. Source TradingView

The biggest leg up came from BTC after it managed to surge above $31,000 but was stopped in its tracks and retraced b over $2000 in a few hours. The scenario was repeated a few more times and after the last rejection, BTC crashed below $29,000 with the crypto spending the weekend sideways and failing to challenge the $30,000 price range. This happened last night when BTC went on the offensive and surged to an intraday high of over $30,500 so the market cap increased to above $580 billion. The altcoins were quite calm during the weekend but most turned green and ETH lead the way as the biggest crypto reclaimed $2000 and neared $2100 after a 5% increase.

A similar pump pushed BNB to $330 which is the highest point since May and some more gains were evident from Shiba Inu, Avalanche, and Solana. Although more modest, Polkadot, DOGE, Cardano, and Ripple are in the green too. LUNA recovered 12% and UST also pumped in the past 24 hours but it still remains miles away from the prices in the past two weeks. The crypto market added over $50 billion in one day with the metrics showing above $1.3 trillion.

luna price
LUNA 7-day price chart. Source

Also, This week, the reports made the rounds that Kwon used his NGO, Luna Foundation Guard to bail out the whales by moving larger amounts of BTC on Binance and Gemini and using it to purchase UST from them and close to face value at $1 when UST was worth $0.60 on the secondary markets. Twitter user FatMan who claims to be affiliated with the Terra Research Forum accused Kwon of skimming off the top of LUNA’s success by cashing out hundreds of dollars out of the LUNA market cap in the past few years to pay Terra’s employee salaries and other operating expenses.

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