After a massive correction and bloodbath on late Friday, December 3, the crypto market is showing signs of recovery. However, the fastest to recover has been Terraform Labs’ native cryptocurrency LUNA.
As of press time, LUNA is trading 32% higher at a price of $72.71 with a market cap of $27.8 billion. This has helped LUNA to enter the list of top ten cryptocurrencies by market cap toppling the meme cryptocurrency Dogecoin (DOGE) for the #10 spot.
The LUNA cryptocurrency has been outperforming Bitcoin over the last few weeks. It has gained more than 64% against Bitcoin on the weekly charts.
As CoinGape reported, the LUNA price rally comes amid the growing use of LUNA coins in decentralized finance (DeFi) applications. Furthermore, there’s a sharp surge in the development activity taking place on the Terra blockchain.
Terra’s Growth In the DeFi Space
The Terra blockchain is slowly emerging as one of the most sought-after platforms in the decentralized finance (DeFi) space. The Terra protocol works on an algorithm of deploying fiat-pegged stablecoins useful in a decentralized finance (DeFi) ecosystem. Terraform’s DeFi ecosystem includes popular apps like Pylon, Mirror, and Anchor.
Furthermore, as explained by DeFi Llama, Terra is the third-largest blockchain in total-value-locked (TVL). Along with the Terra (LUNA) price, the total value locked on the platform has reached a new all-time high at $13.86 billion. In terms of TVL, Terra is currently third after Ethereum and Solana. As popular crypto-journalist WuBlockchain explains:
According to DeFi Llama, TVL on the Terra continues to hit new highs, surpassing Avalanche and Solana to rank third. In the past 7d, Terra-TVL has grown 42.9%. Terra Token Luna also quickly recovered the decline and set a new high.
These are clear signs that Terra is emerging as a dominating force in the DeFi space. It will be interesting to see if Terra can make further gains and surge past Solana in terms of market cap.
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Crypto News: Thailand To Regulate Cryptocurrencies As Means of Payment
- YouTube’s CEO Hints That NFTs Might Be Coming To The Video Sharing App
- Will McDonald’s Accept Dogecoin Following Elon Musk’s Challenge?
- Bitcoin’s Positive Correlation With The Stock Market Index Records A Mild Increase
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?