LUNA’s Upward Momentum Leads Crypto Market in Staying Afloat

The price of Terra LUNA is up by more than 6% in the last 24 hours and up by more than 12% in the last seven days, leading the way in gains in the top 10 cryptocurrency list.

Currently ranked 7th in terms of market capitalization, the price of Terra LUNA soared while the rest of the top ten cryptocurrencies remain relatively flat, according to CoinMarketCap.

As can be seen by the image above the price of LUNA is just above $92 per coin, and has risen by more than 6%, making the biggest upward movement in price in the top 10 cryptocurrencies by market cap list. The next highest 24-hour upward movement is LUNA’s competitor, Ethereum, at just over 1.1%.

LUNA is considered one of Ethereum’s biggest competitors and has been moving in a sharp uptrend for some while now. In the last 17 days, LUNA has added more than 64% to its price while its competitor, Ethereum, lost approximately 15% during the same period.

LUNA has also become the second most-staked primary coin in terms of total value locked (TVL). According to a data report, Terra has over 226,325 stakers, accounting for $29.5 billion worth of staked LUNA tokens. Thus, pushing the network to second place, casting a shadow over Ethereum.

Following the high increase in the price of LUNA in the last couple of weeks, and continuing in the last 24 hours, the capitalization of LUNA has increased by around $3 billion following the recovery of the cryptocurrency market and the upcoming Fed decision.