The leading cryptocurrency Bitcoin (BTC), which experienced a sharp decline with the first effect of the developments in the United States, dragged the market down with it.
Bitcoin lost 3.5% in 24 hours. Most altcoins have also been hit much harder than BTC. ETH fell 4.3%, while BNB tumbled 2.9%, SOL 8%, ADA 9%, XRP 3.4% and DOT 4.9%.
As a result of Elon Musk's efforts, Dogecoin (DOGE), which managed to get a place in the top 10 frequently in 2021, has fallen to 11th place at the moment. DOGE is down 3%, while Terra (LUNA) after him gets 10% up. Thus, LUNA surpasses DOGE.
(LUNA 7D Graph Coinmarketcap)
LUNA has also gained 67% in the last seven days and is currently trading at $70. Terra (LUNA), which has a market value of 27,041 billion dollars, is ahead of DOGE with a very small difference, but of course, this small gap can be closed from time to time.
(DOGE 7D Graph Coinmarketcap)
Among the reasons why the LUNA price has risen so much, we can cite the promises for future developments.
Of course, Bloomberg's article was also effective in increasing the price of LUNA. The article published on December 2 helped the whole world to get to know LUNA, and the price increase continues after the publication of the article in question.