Thursday, September 29, 2022
HomeCrypto NewsMarketTerra (Luna) Overtakes Cardano To Become 7th Largest Crypto By Market Cap

Terra (Luna) Overtakes Cardano To Become 7th Largest Crypto By Market Cap

- Advertisement -
Follow-Us-On-Google-News

Terra (LUNA) takes 7th place beating Cardano.



While the cryptocurrency market remains highly volatile amid the ongoing armed conflict between Russia and Ukraine, Terra (LUNA) has moved quickly against the crowd and has been up to over 78% in the last seven days.

At press time, LUNA was trading at $89.46, up 26.18% in 24 hours and 78.66% in one week, according to data from Coinmarketcap.

Consequently, the price increase has increased the market capitalization of LUNA to over $33 billion, making it the seventh-largest cryptocurrency in the world. Terra overtook Cardano (ADA) and Solana (SOL) to take the seventh spot.

terra beats cardano to take 7th place

ADA and SOL ranked 9th and 8th; respectively, both currencies also show positive results. At press time, the ADA was trading at $0.9535, up 12.04% in 24 hours, while SOL reached US$ 99.18, up 16.67% in the last 24 hours.

Reasons Of Tera (Luna) Rise

Terra is getting closer to 10% of DeFi’s total value locked, which is a remarkable milestone.  According to the DeFi Llama tracking platform data, Terra has reached 9.65% of all of DeFi’s TVL.

terra reaching 9% of total TVL

Ethereum is leading the Defi TVL and is in charge of 56.7% of this volume, followed by Binance Smart Chain.

WuBlockchain reports that Terra has burnt 29 million UST for 21 days.

“According to Smart Stake, Luna has burned more than 29 million for 21 days. The demand for UST has increased. The total supply has increased from 11,256.43 million on February 9 to 12,942.91 million, an increase of nearly 15%.”

 

As Webitcoin has reported, cryptocurrencies have recently gained prominence and are playing a significant role in helping to facilitate donations to beleaguered Ukraine.

The new non-governmental organization created to support the Ukrainian army has already received over 201.9 Bitcoin from compassionate users, currently worth over $10 million.

Deputy Prime Minister of Ukraine Mykhailo Fedorov, who is not satisfied with Russia’s SWIFT ban, has also urged cryptocurrency exchanges to block all Russian addresses.

Since then, significant exchanges Binance, Kraken, and Coinbase, have officially refused. The exchanges think that Russian citizens are innocents and have nothing to do with Putin’s ambitions; also, perhaps it wasn’t a good idea to demand a ban on a community concentrated on decentralization and transparency.

- Advertisement -
Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

spot_img