The cryptocurrency market shows recovery signs after a bloodbath on late sessions on 3 December. Nevertheless, Terraform Lab’s native coin LUNA has been the first asset to recover.
While publishing this analysis, LUNA traded at $72.71 following a 32% surge within the previous 24 hours. The upside movements had the alt’s market cap hovering at $27.8 billion. With that, LUNA managed to join the top ten digital coins by market capitalization, ranking 9th at the moment.
Meanwhile, Terra (LUNA) has outperformed Bitcoin (BTC) over the past few weeks. The altcoin has gained over 65% against BTC on weekly price charts.
Reports from CoinGape show that LUNA upsurge received support as the alt witnesses increased usage in DeFi applications. Moreover, there is a massive increase in development activity on Terra’s blockchain.
Terra’s Growth in DeFi Marketplace
The Terra network is gradually growing as an on-demand blockchain in the DeFi market. Terra protocol introduces a deploying fiat-tied stablecoins system, vital in the DeFi marketplace. Terraform’s decentralized finance network comprises top apps such as Anchor, Mirror, and Pylon.
Moreover, DeFi Llama’s explanation highlights that Terra is the 3rd-largest network in TVL. Besides LUNA price, the platform has seen its total value locked, touching another ATH of $13.87 billion. Terra is now third, following ETH and SOL as far as TVL is concerned.
As WuBlockchain, a crypto-journalist explained, Terra’s TVL grew to touch new peaks, overtaking Solana and Avalanche to take the third space. Terra has had its total value locked, surging 43% over the last seven days.
Such performance shows that Terra is rising as a governing force in the decentralized finance market. For now, market players can wait to see if LUNA will maintain its upward trend and outshine Solana as far as market capitalization is concerned.
Terra (LUNA) has shown massive resilience, withstanding the harshest conditions in the crypto pace to gain value. LUNA is among the exceptions that stayed green during yesterday’s market movements and recovered most from the recent dip.
What are your thoughts on LUNA’s current performance? You can comment below.
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