Thousands of tokens in the digital asset industry continue to compete with each other in terms of prices, fundamentals, profit margins, staking rewards, and several other factors. These coins experience bullish and bearish sentiments from time to time, performing in contrast with the expectations. This is something that makes the crypto industry more exciting and unpredictable. Similarly, Terra’s LUNA has shocked the crypto fraternity with its recent performances.
LUNA has stayed among the top-performing cryptocurrencies for a while now. It has performed exceptionally well since the last year. Despite a prolonged bear run, the token has made a solid comeback as the crypto market turned green. LUNA stole the show with its massive upsurge, recording a new all-time high after crossing the $105 mark.
This week has proved to be a positive one for most of the tokens in the crypto market. BTC has crossed $47,500 and ETH has reached $3,350. This led to an increase in the bullish sentiment of the investors. However, LUNA made use of its already existing bullish sentiment to breach the previous ATH of $104.85. The coin is grown immensely over the last few weeks because of LUNA Foundation Guard’s buying of Bitcoin.
LUNA crosses SOL to become the 8th largest cryptocurrency
LUNA is currently trading at a price of over $107. The coin has grown by more than 15% in the last week or so. Moreover, the market cap of the token has crossed $38 billion. It has now surpassed Solana to become the 8th largest cryptocurrency in terms of market capitalization. The 24-hour trading volume of the coin has also experienced a significant increase.
In February, LUNA touched a low of $8. Ever since then, the token has gained over 120% to show against its name. The RSI indicator suggests that this is not it for the coin as it still has the strength to grow. The coin is not in its overbought price zone. Therefore, if the buyers continue to dominate then a prolonged bull run can be predicted for the coin.
The Luna Foundation Guard (LFG) acquired Bitcoin for almost $135 million this week. The organization holds BTC worth $1.32 billion as security for LUNA’s stablecoin, UST. This news from the foundation was a major reason for LUNA’s bull run this week. The Terra ecosystem is constantly growing its Bitcoin Treasury, and it has propelled LUNA’s growth as well.
