Crypto

Terra (LUNA) Ignores Crypto Crash: New Record and Top 10 Entry by Investing.com

Investing.com – Yesterday accentuated a setback that started Friday afternoon when it hovered around $ 57,000.

The cryptocurrency then managed to rally, approaching $ 50,000 without testing this critical threshold which should be seen as a key resistance and thus far from having canceled yesterday’s crash.

However, as is the case with all declines in the cryptocurrency market, there were exceptions. The most notable is the.

In fact, the cryptocurrency fell from $ 70 to around $ 50 yesterday, but the bounce that followed allowed it to not only reverse the decline, but also continue its rise to a new all-time high of $ 78.

Terra (LUNA) enters the top 10 cryptocurrencies

This powerful and rapid rally, while most other cryptocurrencies are still far from making up for their losses of the last two days, has allowed Terra to gain several places in the ranking of the most important cryptocurrencies by capitalization.

In fact, with a capitalization of $ 28.8 billion, LUNA is now the ninth largest crypto on the market, ahead and behind.

Recall that Terra (LUNA) has shown a meteoric rise since November 27, when the cryptocurrency was worth around $ 38. Thus, at the historic peak on Saturday night, Terra registered a gain of more than 100%.

Why is Terra resisting the cryptocurrency crash?

The Terra blockchain was launched in January 2018 and uses fiat currency denominated stablecoins to run its payment system. Its native token LUNA is used to stabilize the price of the TerraUSD (UST) stablecoin. According to its white paper, moon holders can submit and vote on their own governance proposals.

This week, investors voted to allow EU funding for a review of the network’s “TrackTerra” reporting and tax app. This will allow moon holders to export transactions to different tax software, according to a tweet from developer Terra.

In a context where the US government is tightening the rules regarding tax obligations related to cryptocurrencies, this is a very positive detail that allows Terra to stand out.

Luna is also a popular crypto as cross-chain bridges like Wormhole have started to gain traction and allow Terra to export UST to other networks where it is supported. Additionally, Terra has partnered for the Metaverse games, with names like Summoner’s War, possibly allowing it to profit from the craze for all investments related to this concept as well.

JP Morgan enjoys Terra (LUNA)

It should also be noted that Terra has recently received a mark of approval from a large investment bank, while these are mostly expressed only on BTC and ETH when addressing issues. Nikolaos Panigirtzoglou, a crypto analyst at JP Morgan, actually highlighted in a recent note the advantages of Terra.

“Terra is a stablecoin issuance platform that uses a mechanism that minimizes volatility to achieve a close link between issued stablecoins and fiat currencies,” he said.

“This mechanism, which works through the dynamic expansion and contraction of the token supply, issues several regional stablecoins that can be traded, making the Terra platform particularly suitable for cross-border payments,” he added.

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