The worldwide crypto market has been soaring higher on the market charts. Which has fueled optimism amongst the folks from the business. The market cap of the crypto industry has reclaimed its $2.0 Trillion milestones. As the numbers have surged 1.5% over the bygone day. Successively, the fear and greed index is currently neutral at “52”, which was at extreme fear recently.
The merchants and investors from the fraternity are praising the astounding rebound of digital assets. One such digital asset, which has amassed the interests of the fraternity is LUNA. Which has scripted impeccable numbers despite the turmoil in global economies. Successively, in addition to a number of analytics, the social metrics of Terra have registered startling numbers.
Will These Catalysts Fuel Terra Luna’s Flight To A Higher Market Cap Rank?
Terra is now one of the strongest projects in the business. Which has persuaded folks to stop and take notice of its meteoric rise. In its glitter, the integration of Terra (LUNA) into the Thorchain protocol has enticed the interests of the community. The integration will enable the platform to support all Cosmos based projects.
Successively, the integration of Terra would bring the LUNA token alongside UST to the Thorchain ecosystem. Giving users more trading and staking opportunities. Conversely, LUNA’s correlation with Bitcoin has been moving in the opposite direction off-late. As a result, the prices are trending independent of the star crypto’s trajectory.
Consequently, traders are now finding LUNA a safer bet amidst the geopolitical tensity, which might have influenced the leg-up. The daily transaction volumes for over the week for LUNA was recorded at 52.85 M, while that of UST was at 710,97 M. The numbers do justify the interests of traders from the fraternity.
According to some sources, the protocol has burned 29 M LUNA tokens, amounting to ~$257 B in recent times. This occurred as the supply of UST saw an increase of 14.7% on the 28th of February. On the other hand, LFG’s $1B fundraisings, which was reported by CoinPedia, has also been one of LUNA’s fueling catalysts.
Talking About Terra (Luna’s) Numbers!
The TVL of Terra as suggested by DeFillama, at the time of press is up 3.03% taking the numbers to $26.17 B. Terra now holds a market share of 10.09%, which is second only to the largest altcoin Ethereum. Which holds a market share of 56.05%.
The social analytics of Terra have been escalating at an impeccable rate. The data coming from Lunar Crush suggests the weekly change of the following metrics. The social volume has seen a change of +66.8%, social engagement has scripted an impressive change of 93.35. While social dominance is up 7.2%, social contributors are up 76.3%. The bullish sentiment is up an astonishing 95.9% over the bygone week.
LUNA at the time of press is changing hands at $93.31 with a change of 5.1% over the previous day. While the market cap of the digital asset is hovering around $34,565,091,840. The volume of trades since the last day is at $3,905,967,389. LUNA price has been trading in the 24-hour bandwidth from the lows of $86.77 to the highs of $95.93.
The returns of LUNA since the past week is at 70.7% while being up 64.2% since the fortnight. The greener numbers despite the turbulence in the market and the ongoing geopolitical concerns have caught the attention of the masses. A steady incline could open doors to the milepost at $120. However, the price might face a dip, as the RSI has been signalling an overbought warning.
Concluding, the digital asset has been ruling the market with its blazing run on the charts. The growing utility of the protocol makes it one of the potential buys in the industry. That said, while a correction could lie on the horizon, LUNA price will eventually claim the said highs on the higher time frame.
Source: https://coinpedia.org/altcoin/will-market-sentiments-propel-terra-luna-price-to-118-by-mid-week/