The cryptocurrency market has seen a sea of red in the last day, with Bitcoin losing 2,53% to trade at $ 46.400, Ethereum losing 3,75% to trade at $ 3.838, and Solana trading at $ 5,50. it lost 175% to trade at $ 30. However, one cryptocurrency that has defied the trend and reached new heights is LUNA, the native cryptocurrency of the Terra blockchain. LUNA has gained XNUMX% in the last week, reaching a new all-time high and is now the second largest DeFi network in the world after Ethereum.
Great for intra-day trading
Over the past day, Terra gained 7,5% to trade at $ 78,9 at press time. During that time, it hit an intra-day high at $ 81,28, its all-time high. Great for those who trade on platforms such as Bitcoin Pro.
Its earnings over the past week have pushed its total market cap to $ 2,7 billion, propelling it into the top ten where it now sits above Avalanche in ninth place. Its price hike appears to have attracted many investors with its last day volume at $ 2,8 billion. This was the eighth highest in the market and was higher than Solana and Binance Coin.
Technical data is bullish for LUNA. It is trading above its 21-day EMA. Its Relative Strength Index (RSI), which indicates whether an asset is overbought or oversold, is around 55, showing that there is still plenty of room for growth. If the RSI is above 70, it indicates that the asset is overbought, while a reading below 30 indicates that it is undervalued.
Terra (LUNA) surpasses Binance Smart Chain in DeFi TVL
Terra describes itself as a next-generation blockchain payment network that uses fiat-pegged stablecoins to power stable-priced global payment systems. It launched in April 2019 and now offers stablecoins pegged to the US dollar, South Korean won, Chinese yuan, Japanese yen, British pound, and IMF's basket of special drawing rights currencies.
LUNA saw explosive growth in 2021. It started the year trading at $ 0,66 and at a record price of $ 81, it was up more than 22.000 percent.
But unlike cryptocurrencies like Shiba Inu, which only rose thanks to speculation and media frenzy, Terra has seen immense growth in its ecosystem. The standout was in DeFi, where it outperformed other networks that get a lot of attention, such as the Binance Smart Chain, Solana and Avalanche.
Today, Terra is the second largest DeFi network globally, surpassed only by the dominant Ethereum. According to data from DeFi Llama, Terra has $ 17,73 billion in total frozen value (TVL). This is higher than BSC's $ 16,44 billion and Solana's $ 11,75 billion and three times higher than TRON, Fantom and Polygon. Ethereum with 149 billion dollars is the undisputed leader of the market.
The largest DeFi platform on Terra is Anchor, a savings protocol that offers low returns on Terra stablecoin deposits. Others include Lido Terraswap and Astroport, which recently locked in $ 1 billion in its cash pools.
