LUNA Tearing Up The Charts With 30% Gain
As the market rebounds post-Evergrande FUD, Terra’s LUNA token leads the way with massive 24-hour gain.
Covered:
- LUNA Token Up 30%
- Columbus Upgrade
- Terra’s Stablecoins And Decentralization
LUNA Token Up 30%
Terra’s LUNA token is up 30% in the last 24 hours, trading in the $35 USD range. In terms of top 20 projects by market cap, Terra is the biggest gainer. The proof of stake project is currently 12th, with a market cap of 14 billion USD.
Terra is a proof of stake protocol focused on stablecoins which are pegged 1:1. It’s a popular choice for DeFi traders because it’s considered a decentralized alternative to USDC and USDT.
Recommended: for more on Terra, check out our in depth guide.
Along with the rest of the market, Terra struggled this week. The protocol fell as low as $25, but the rebound has been far stronger compared to others in the top 20.
Like the majority of the crypto market, Terra’s LUNA token is still trading below its all-time high. However, unlike most of the market, the protocol reached it’s all time high ($44) on Sept 11th rather than early this year. Terra’s ROI currently stands at 1,957%, just shy of 2,000.
Columbus Upgrade
#TerraLuna's major upgrade, Columbus 5, will soon go live. Read in our blog what the upgrade changes and what it means for the ecosystem.https://t.co/jbmnPJwOcQ
— Eight (@eight_global) September 22, 2021
Similarly, Cardano reached its all-time high ($3.10) in September. Like Cardano, Terra’s recent uptick is led by a major upgrade catalyst.
The Columbus upgrade is scheduled for September 29th. It’s set to bring new protocols to the chain. In addition, it will foster adoption of Terra’s stablecoins.
Recommended: For more on what Terra is built on, check out our guide on Cosmos.
The upgrade was originally slated for September 9th, but, according to their development team, was delayed in order to “implement some extra precautionary measures.”
By all accounts, the upgrade is ready to go for the 29th.
Terra’s Stablecoins And Decentralization
Another reason for Terra’s significant uptick is its specialization in decentralized stablecoins. Stablecoins continue to be under fire. In particular, American regulators have taken a keen interest in the least volatile type of cryptocurrency.
SEC Chair told the Washington Post just yesterday that Stablecoins, “are acting almost like poker chips at the casino right now.” He added: “We’ve got a lot of casinos here in the Wild West and the poker chip is these stablecoins … at the casino gaming tables.”
It’s a bit odd. Considering even the US Treasury even admitted that Circle’s USDC stablecoin is more backed than anything a bank offers.
Regardless of how bizarre Gensler’s stablecoin analysis is, the fear is driving the market to seek out alternatives like Terra.
The post LUNA Tearing Up The Charts With 30% Gain appeared first on CryptosRus.
Text source: CryptosRus
