LUNA value rises as the UST market cap overtakes BUSD
The cryptocurrency market performs well over the last 24 hours.
The broader market value witnesses an increase of more than 4% in the past few hours, following a poor start to the week.
One of the best performers in the market has been LUNA, which is up more than 9% in the past 24 hours.
LUNA is currently trading at $0.29, which is its highest level in almost two weeks.
LUNA’s strong performance comes as the market capitalization of UST, the native token of Tether’s USDT stablecoin, overtakes that of BUSD.
This development leads to an increase in demand for LUNA; as it is one of the few cryptocurrencies that can be used to trade against UST on Binance.
The exceptional success causes the broader cryptocurrency market cap to return to $1.9 trillion for the first time in a week.
Bitcoin has recovered, trading close to $40,000 after slipping below $37,000 yesterday.
Ether is trading at over $3,000 again following its brief fall to $2,800 earlier this week.
However, among the top 10 cryptocurrencies by market capitalization.
LUNA, the native token of the Terra ecosystem, has been the best performer.
The price of LUNACOIN is up by more than 16% in the last 24 hours, outperforming the rest of the major cryptocurrencies during that time.
The rally is because of UST’s most recent achievement. The Terra ecosystem’s stablecoin is UST.
According to the most recent statistics, UST has risen to become the third-largest stablecoin by market capitalization.
The market capitalization of TUSD, which is the most valuable stablecoin at present, has increased to $17.5 billion in recent hours, surpassing BUSD ($17.3 billion) a few hours ago.
UST appreciates by more than 1,000% over the last year, making it the most rapidly-growing stablecoin in the crypto sector.
Critical levels to note
The most bullish of the top 10 cryptocurrencies by market capitalization is the LUNA/USD 4-hour chart. At the time of writing, LUNA was trading at $89 per coin.
The MACD line has just recently passed the neutral zone, suggesting considerable bullish momentum.
If the rally persists, the 14-day RSI of 61 indicates that LUNA may be heading toward overbought conditions.
The LUNA/USD pair is currently trading at $89. The next major resistance levels are located at $91 (4-hour SMA 50), $93 (daily high), and $96 (weekly SMA 10).
If the bulls maintain control, LUNA may surpass the first major barrier level of $95 before the end of the day.
It will, however, need other assets’ support to pass through the $100 mark for a second time this month.
The LUNA Foundation, the team behind the development of the LUNA network, has been working on various use cases for cryptocurrency.
The team is also in talks with institutional investors to get them on board with the LUNA network.
The rise in LUNA’s value comes as the UST market cap overtakes BUSD.
This is a very positive development for LUNA, as it shows that investors are confident in the future of the LUNA network.
We expect the price of LUNA to continue to rise in the coming days and weeks.
In the light of the above, it is obvious LUNA will continue to be in the news for some time.
From the way the coin is going, it is only a question of time before it becomes the toast of investors.
It will be nice to know what you think about this coin!