After a massive correction and bloodbath on late Friday, December 3, the crypto market is showing signs of recovery. However, the fastest to recover has been Terraform Labs’ native cryptocurrency LUNA.
As of press time, LUNA is trading 32% higher at a price of $72.71 with a market cap of $27.8 billion. This has helped LUNA to enter the list of top ten cryptocurrencies by market cap toppling the meme cryptocurrency Dogecoin (DOGE) for the #10 spot.
The LUNA cryptocurrency has been outperforming Bitcoin over the last few weeks. It has gained more than 64% against Bitcoin on the weekly charts.
As CoinGape reported, the LUNA price rally comes amid the growing use of LUNA coins in decentralized finance (DeFi) applications. Furthermore, there’s a sharp surge in the development activity taking place on the Terra blockchain.
Terra’s Growth In the DeFi Space
The Terra blockchain is slowly emerging as one of the most sought-after platforms in the decentralized finance (DeFi) space. The Terra protocol works on an algorithm of deploying fiat-pegged stablecoins useful in a decentralized finance (DeFi) ecosystem. Terraform’s DeFi ecosystem includes popular apps like Pylon, Mirror, and Anchor.
Furthermore, as explained by DeFi Llama, Terra is the third-largest blockchain in total-value-locked (TVL). Along with the Terra (LUNA) price, the total value locked on the platform has reached a new all-time high at $13.86 billion. In terms of TVL, Terra is currently third after Ethereum and Solana. As popular crypto-journalist WuBlockchain explains:
According to DeFi Llama, TVL on the Terra continues to hit new highs, surpassing Avalanche and Solana to rank third. In the past 7d, Terra-TVL has grown 42.9%. Terra Token Luna also quickly recovered the decline and set a new high.
These are clear signs that Terra is emerging as a dominating force in the DeFi space. It will be interesting to see if Terra can make further gains and surge past Solana in terms of market cap.
- Trending
- Price Analysis
- Terra’s LUNA is Among the Top Ten Cryptocurrencies With a Sharp 32% Bounce Back
- Presale of AXL INU Tokens Begins Shortly
- China Crypto Ban: This Province Just Hiked Electricity Prices for Crypto Mining Activities
- Here’s What Led to the $500 Billion Crypto Market Mayhem Earlier Today
- FTX Crypto Exchange Proposes 10 Key Principles for Regulating the Crypto Market
- XRP Lawsuit: This Development in Scope of DPP May Make or Break the Case
- As BTC and ETH Tank Nearly 20%, Buy The Dip Interest Spikes to 3-Month High
- Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto
- FLOKI Price Analysis: Floki Inu On Sale After It Dips Below The $0.00016 Level
- Crypto Market’s Loss Turns El Salvador’s Gain, President Bukele Buys the Bitcoin (BTC) Dip Again
- FLOKI Price Analysis: Floki Inu On Sale After It Dips Below The $0.00016 Level
- GXChain Price Analysis: GXS Token Skyrocketed 800% In Just Two Trading Days; know Why
- Sandbox Price Analysis: SAND Token Price Prepares For Its Next Big Move Resonating In A Symmetrical Triangle Pattern
- FLOKI Price Analysis: FLOKI Token Shows A V-shaped Recovery Of 80%; Has The Retracement Phase Ended
- Binance Coin Price Analysis: Completing The Cup And Handle Pattern, The BNB Coin Could Hit The $1000 Mark
- Bitcoin Price Analysis: Which Way For BTC As It Consolidates Above $56,500?
- SOL Price Analysis: A Bullish Breakout From The $260 Mark Should Initiate A Significant Rally In SOL Coin
- Cardano Price Analysis: ADA Coin Is Up By 10% From An Important Support; Has The Recovery Phase Started?
- Helium Price Analysis: This Bullish Pattern Can End The Correction Phase In HNT Coin
- Floki Inu Price Analysis: FLOKI Should Defend The $0.0001743 To Sustain The Uptrend
