Terra (LUNA) price rose sharply yesterday, gaining 18 percent daily, from a low of $75 to $92. While Terra's market capitalization rose to $31.8 billion, LUNA, surpassing Cardano by a very small margin, took the 8th largest crypto asset position.
Terra (LUNA)'s depreciation, which started from the all-time high of $ 119, continued until $ 75. Yesterday's rise was recorded as the first serious recovery in the downward trend that has continued since April 6th.
In the morning, LUNA/USD made a partial pullback to $88. According to short-term price movements, LUNA price seems to have returned to the support area in the $85-$90 range.
While LUNA saw a serious daily rise among the top 10 cryptocurrencies, the last 24-hour recovery in other high-capital crypto assets was below 5%. However, it was seen that Bitcoin price maintained the psychological support levels of $ 40,000 and Ethereum price $ 3,000.
The most important development regarding Terra's demand is that the team continues their Bitcoin purchase policy with the goal of creating $10 billion worth of BTC reserves for the stable crypto asset. Currently, 42,406 BTC appears in the foundation's wallet, and with this figure, they are the 19th largest BTC saver among all Bitcoin holders.
Apart from Terra’s native token LUNA, another altcoin in the ecosystem, the stable crypto asset TerraUSD (UST) continues to grow. UST's market cap was as high as $17.8 billion yesterday, making it the 13th largest cryptoasset and the 3rd largest stablecoin, surpassing the closest stablecoin Binance USD.
UST is the third-ranked stablecoin after Tether's USDT and Circle's USDC, which is the leader in market capitalization. In addition, the stablecoin of Terra’s ecosystem has managed to rise from a market cap of $180 million at the beginning of 2021 to $17 billion. To create UST tokens, LUNAs are permanently destroyed, using a smart contract-based algorithm that fixes the price of UST at $1.