Terra’s LUNA recovers after sinking to a three-week low on Saturday

As the cryptocurrency market continues to feel volatility, a new report by Fundstrat reveals that Bitcoin has had an influence on other altcoins. The prices of cryptocurrencies have been highly correlated since July.

The “terra (luna price prediction)” is a cryptocurrency that has been on a downward trend for the past few days. On Saturday, it recovered to a three-week high.

Today, LUNA, the foundational stablecoin of Terra, has been doing well. Over the last 24 hours, it has gained 7.51 percent. During the Saturday trading session, the price of LUNA dropped to $62.88 as the alts market also suffered losses in concert with the main cryptocurrency.

However, the LUNA market quickly caught up steam and rose to $75.16 early on Monday. Market data shows that this was followed by a small decline to $68.06 the following day. Even though MakerDAO’s creator has criticized the Terra ecosystem, it continues to develop.

More information about this and other recent newsworthy occurrences may be found below.

The first Terra cryptocurrency ETP is listed by 21Shares on the SIX market in Zurich.

A news release from renowned cryptocurrency ETPs issuer 21Shares today announced the launch of a Terra-based cryptocurrency ETP. The first of its type product, 21Shares Terra ETP, is accessible on Switzerland’s main stock market SIX in Swiss francs (CHF), euros (EUR), and dollars (USD) (USD).

With a $18.2 billion TVL, or a 17.5 percent increase over the last 72 hours, Terra is the second-largest decentralized financial network. Hany Rashwan, the CEO of 21Shares, indicated that his company has been carefully watching the Terra blockchain’s development in the market. Investors looking for exposure in a system not based on the Ethereum Virtual Machine will benefit from the Terra ETP.

Notes by Pantera Capital Head Terra is capable of rapid expansion.

Pantera Capital CEO Dan Morehead commended Terra and its LUNA coin on the last episode of CNBC’s Crypto Night in America, which was presented by Melissa Lee. The head of the venture capital company justified his selection of LUNA as one of the year’s most promising coins. The smart contract feature of Terra, which Morehead believes has enormous potential, is what he related to his optimism.

He also said that due to the growing popularity of LUNA as a trade token and the number of investors who are now using it, Terra is one of the year’s most promising currencies. Notably, Terra created the TerraUSD stablecoin, whose value is automatically tied to the US dollar.

It is a far more advanced alternative to USDC and USDT, alternative stablecoins, thanks to its self-management structure. The use cases for Terra go beyond stablecoins, Morehead said. He particularly saw its impact on South Korea’s gaming industry, one of the most promising gaming industries in the world.

According to Electric Capital, Terra has a high level of developer activity.

Terra was identified as one of the ecosystems that demonstrated a noticeably high rate of development in 2021 in the 2021 Developer Report published recently by venture capital company Electric Capital. The top five list was completed by Solana, NEAR, Fantom, and Avalanche.

According to the study, Ethereum continues to be the platform with the most developers. Other ecosystems, including Terra and Solana, are quickly catching up, however. Between December 2020 and December 2021, Terra was in charge of a 313 percent rise in full-time monthly developers.

It placed sixth in terms of total monthly developers over that time, with a 305 percent increase. The bull market in the cryptocurrency markets, which saw most of the major tokens leap last year, was mostly to blame for the uptick in developer activity. With a 1.37 percent market share, Terra’s coin LUNA is ninth in the cryptocurrency market domination. This number is anticipated to increase if developer activity keeps increasing since it will increase the usage of LUNA.

Terra is a “solid Ponzi” scam, according to MakerDAO creator Rune Christensen.

When he controversially labeled Terra a “solid Ponzi scheme” on Tuesday, MakerDAO co-founder Rune Christensen stirred up some controversy.

The co-founder of MakerDAO said that Terra and Abracadabra, another stablecoin system. “Stick-ponzis” made with money Christensen continued by saying that despite this, he had accepted the possibility of making substantial money from them. The two protocols, according to him, would rapidly bubble down to zero “after the market flips for real,” since they were not “designed for durability.”

Christensen’s pranks did not amuse Terra creator Do Kwon. He responded with a remark that made reference to the maker of MakerDAO’s extended absence from the DAO community in recent months. According to reports, Christensen sought to fire an employee after returning to the sector in November.

Abracadabra and Terra’s UST. Prior to now, the MIM stablecoins of Money worked together on a project that competed with the centralized stablecoins. The endeavor was successful since both cryptocurrencies saw significant gains, with UST surpassing MakerDAO’s DAI as the biggest decentralized stablecoin.

Performance of the Terra (LUNA) market

The 24 hour trading volume for LUNA is down 10% for the day. However, LUNA/USD is in an upward trend and has spent the most of today trading between $73 and $80.

7-day trading chart for LUNA/USD

According to market observers, LUNA is laying the groundwork as it gets ready to overcome immediate resistance at $85. Bulls will now have the opportunity to aim for the next resistance at $94. The pair recently reached a high of $79.62, but after facing rejection, they dropped to $79.

Visit our Investing in Terra guide to find out more information about this coin.

 

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