Terra Luna leads top 10 in terms of returns as crypto market rebounds
According to data from CoinMarketCap, Terra (LUNA) is up nearly 15% in the past 24 hours to a current price of $57.82. The cryptocurrency market is showing a rebound in the past 24 hours, with the total market valuation rising 5.47% to $1.76 trillion at press time.
LUNA, the native token of smart contracts blockchain Terra has outperformed the top 10 cryptocurrencies in terms of gains over the last 24 hours, thanks to rising investor optimism.
Terra overtook top asset Bitcoin (BTC), which gained more than 4%, and Solana, which gained 7.10%. Another big winner in the top 10 was the Avalanche (AVAX) cryptocurrency, up 12%.
Luna Foundation Guard’s (LFG) plan to develop a Bitcoin-denominated reserve as an additional layer of security for UST, whose value is fixed 1:1 to the U.S. dollar, aligns with LUNA’s recent price improvements. LFG also stated that it had raised $1 billion in private token sales to add to its Bitcoin reserve, with buyers agreeing to lock up their coins for a four-year vesting period. Jump Crypto and Three Arrows Capital were among the investors in the funding round.
Terra is one of the hottest topics in the crypto space
Other than that, Terra’s LUNA token is one of the most talked about cryptocurrencies in the market, despite its lackluster performance over the past three months, according to Saniment.
LUNA is seeing the greatest discussion surrounding the token since October, according to the social metric, which could indicate incoming buying power from retail investors. The increase in social volume may likely have contributed to the recent price increase as well.
