While much of the broader crypto markets have seen a minor uptick in the recent week, one Ethereum (ETH) competitor is outperforming the rest with substantially larger gains.
LUNA, the native token of Terra’s decentralized payment system, rose from $48.53 on February 22nd to $79.64 on February 27th, a gain of more than 64 percent in five days.
The price movement of LUNA has not gone ignored.
According to Altcoin Sherpa, a well-followed pseudonymous crypto expert, LUNA appears to be one of the most bullish digital assets on the market right now. The tremendous wave of buying power that reached LUNA as crypto markets sold off, according to the crypto expert, might be a bullish indication for the seventh largest digital asset by market size.
“LUNA: is still one of the most powerful cryptocurrencies available right now.” The manner in which the dip was bought the f*** up yesterday was amazing. On the 4-hour [chart], EMAs (exponential moving averages) are bullish. The BTC pair is aiming for new highs. Prepare to make a profit, in my opinion.”
Terra’s outstanding success is due to its continuously expanding ecosystem. Decentralized finance (DeFi) tracker DeFiLlama reports that Terra’s total value locked (TVL) has increased by over 30% in seven days to $19.88 billion.
The total capital contained within a blockchain’s smart contracts is represented by its TVL. TVL is derived by multiplying the amount of collateral locked into the network by the asset’s current value.
Terra, behind Ethereum, is now the second-largest blockchain in terms of total value locked (ETH).