Terra’s LUNA token has increased by 25% in the previous 24 hours, according to CoinMarketCap data, while the general cryptocurrency market has recovered. Terra’s 25% price increase nearly recovered the previous day’s losses, when both crypto and traditional markets fell.
At the time of writing, LUNA was trading at $64.11, up from the previous day’s low of $50.27, with 4.96 billion tokens exchanged in volume over the previous 24 hours. After months of decline, the 25% price hike was one of the most substantial for LUNA in recent memory. Despite this, the price is still 37.33 percent lower than its all-time high of $103 achieved on December 27, 2021.
Terra has experienced four days of bullish movement in a straight since rebounding from the $48.97 level on February 21. If the asset continues to climb, the next barrier for LUNA might be around $69 per share.
Luna Foundation Guard (LFG), a Singapore-based non-profit, stated earlier this week that it would establish a Bitcoin-denominated reserve as an extra layer of security for UST.
On Tuesday, LFG stated that it had generated $1 billion for the reserve through private token sales, with buyers pledging to keep the tokens locked up for four years. The funding round was backed by influential crypto investors Jump Crypto, DeFiance Capital, and Three Arrows Capital, causing LUNA prices to increase at the moment.
The cryptocurrency market is recovering.
Bitcoin, Ethereum, and other major cryptocurrencies have risen roughly 10% in the last 24 hours, nearly matching their prices from the previous day. At the time of writing, bitcoin was trading at around $38,523, up from a low of $34,322 on February 24.
As the cryptocurrency market recovered from Thursday’s falls, speculators speculating against a cryptocurrency rally lost up to $386.36 million in liquidations in the last 24 hours. According to Coinglass data, 77,687 traders have been shorting the market or wagering against a rise since the market was liquidated.