Although the Terra (LUNA) network has been here in the crypto market for a long time, it’s nothing new in the space, but a recent rise towards the top has put everyone in shock and surprise. The growth includes soaring its price and increasing its market capitalization at a high pace. All these factors made Terra (luna) take its place among one of the largest cryptocurrencies in terms of market cap that has beaten out and surpassed large players including Cardano (ADA) and Avalanche (AVAX) in the past week itself.
While in the recent run-up, the Terra (LUNA) cryptocurrency has beat out several most valuable projects present in the market. The network’s success has been an overall direct result of an offering regarding staking that promises its users more returns than almost any other project in the crypto space. By staking the native stablecoin of the network UST, users of the Terra network can achieve an APY as high as 40% on their respected investment by using some available DeFi protocols.
During April, LUNA, a native crypto asset of Terra, had touched a high of about $119 per coin that was recorded as a new all-time high. Currently, the digital assets are below their all time high value. Its current value makes it still a strong competition as one of the most valuable cryptocurrencies in the crypto market.
The current price of LUNA is $90.79, which made its market cap rise as high as about $31.7 billion. This rise in market cap brings advantage to the network and puts it ahead of some tough contenders like Cardano and Avalanche. Nonetheless, the cryptocurrency is still below by about $3 billion from the cryptocurrency holding the 7th place on the list of digital assets according to market cap, Solana.
It also seems like the price of LUNA is closely replicating the prices of top assets like Bitcoin (BTC) and Ethereum (ETH). Currently, Terra (LUNA) is in a green zone that shows its growth where it made an upsurge in price by about 16.97% in just 24 hours. Such record performance makes it one of the several highest gainers on the day. Moreover, suppose the digital asset continues to show such a trend. In that case, it will possibly surpass its previous all time high and surely will overtake Ripple and Solana to become the sixth-largest cryptocurrency by market cap.
Source: https://www.thecoinrepublic.com/2022/04/21/how-does-terra-make-it-to-the-top-10-contenders-beating-cardano-and-avalanche/