Terra (LUNA) hits all-time high: Why is LUNA crypto rising?

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Terra (LUNA) hits all-time high: Why is LUNA crypto rising?

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 Terra (LUNA) hits all-time high: Why is LUNA crypto rising?
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Highlights:

  • Terra is a blockchain protocol that uses fiat-pegged stablecoins to power the price-stable global payments solutions.
  • The LUNA token is available on exchanges like Binance, OKX, FTX, etc.
  • LUNA returned over 38% gains in the past 30 days.

The Terra (LUNA) crypto rose over 9% to an all-time high of US$106.14 early on Tuesday, while its one-day volume surged over 145%, in line with the market’s advances.

The global cryptocurrency market was up 2% to US$2.17 trillion at 9:24 am ET. According to CoinMarketCap.com. Bitcoin (BTC) rose 1.56% to US$47,958.73, while Ethereum (ETH) gained 3.68% to US$3,465.36 at the same time.

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What is Terra (LUNA) crypto?

Terra was co-founded by Daniel Shin and Do Kwon in January 2018. It is a blockchain protocol, and it uses fiat-pegged stablecoins to power the price-stable global payments solutions.

It claims to ensure price stability by pegging itself with fiat currencies and incorporating Bitcoin's censorship resistance for faster and more reasonable settlements.

Launched in April 2019, it provides stablecoins pegged to various currencies, including the US dollar, South Korean won, Mongolian tugrik, etc.

LUNA is the native token of Terra and is used in stabilizing the protocol's stablecoin prices. It allows users to have a say in governance, voting rights and submit governance proposals.

The LUNA token is available on exchanges like Binance, OKX, FTX, etc.

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Why is it rising?

Gains in the overall market helped Terra to rise. Investors' interest in the token has been growing after the Singapore-based NGO Luna Foundation Guard (LFG) announced to buy US$3 billion worth of Bitcoin as extra security for Terra’s decentralized dollar-pegged stablecoin UST.

Meanwhile, Terra CEO Kwon confirmed Terra’s purchase of over US$1 billion worth of Bitcoin since January end. It includes around US$135 million Bitcoin in four purchases on Monday.

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Terra (LUNA) crypto price and performanceSource: *Data provided by CoinMarketCap.com

Bottom line:

The LUNA token was priced at US$103.13 at 9:47 am ET on March 29, up 9.56%, while its volume for the last 24 hours skyrocketed 145.70% to US$3.96 billion. Its total supply is around 752.69 million, and its current circulating supply is over 355.61 million.

The token has a market cap of US$36.67 billion, and its fully-diluted market cap is US$77.79 billion. LUNA gave a return of 38.66% over the past 30 days.

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