Terra Token LUNA Sets Another New All-Time High

Terra’s market cap is now $13.6 billion.

Terra Hits New Record High 

Terra is on a tear. 

The fast-growing blockchain’s LUNA token hit a price of $34.25 for the first time today after a major nine-day rally. It’s up around 100% since Aug. 15. Terra’s native asset has made a significant recovery since the market-wide May crash when it was trading as low as $4.18; it’s now the 12th largest cryptocurrency with a market cap of roughly $13.6 billion.  

Terra is a programmable money network that primarily focuses on stablecoins. Key projects on Terra include the synthetics platform Mirror Protocol and Anchor Protocol, a DeFi platform for earning yield on stablecoins. LUNA is used to stabilize the price of stablecoins, incentivize validators, and mine transactions. 

Terra is one of many Layer 1 blockchains that’s seen a major uptick over the last few weeks. While much of the focus has been on Ethereum’s “NFT summer” and recently launched EIP-1559 update, many other chains have also seen heightened interest as confidence returns to the market. ATOM, the token powering Cosmos, is currently worth $21.33 after starting the month at around $13. Polkadot’s DOT has gained about 53% since the start of the month, and Solana’s SOL has also outperformed almost every coin in the market: it’s up over 100% this month, trading at $78. SOL started the year at $1.52, which means it’s jumped over 5,000% in the last eight months.

While several Layer 1 blockchains have enjoyed a rise, one of the major developments of the week so far has concerned Bitcoin. The leading crypto broke $50,000 for the first time in 100 days Monday, which could bode well for other Layer 1s and the rest of the market. Historically, when Bitcoin makes a big move, other lower cap assets like Ethereum tend to follow closely behind. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, ATOM, and several other cryptocurrencies. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article