Bitcoin Collapses, Crypto Terra (LUNA) Prices Even Fly High

JAKARTA – Crypto Terra (LUNA) experienced a significant increase when the market was struggling to rise from the bearish trend. In the last one week, the price of LUNA has increased by 26.4 percent in the past week. LUNA's performance was quite astonishing considering that BTC underwent a massive correction.

LUNA had fallen during the market crash in May 2021. The price fell about 81 percent of its market value due to the massive sell-off. However, LUNA managed to make a comeback last week. LUNA broke its all-time high (ATH) at the level of Rp1,129,109 on December 5 yesterday.

Terra experienced an increase of 50,086.3 percent from its all-time low price (ATL) at the level of Rp. 1,808 on March 18, 2020, according to data reports from Coingecko.

Due to the skyrocketing price of LUNA, the coin managed to overtake two leading meme cryptocurrencies, namely Shiba Inu and Dogecoin. Avalanche (AVAX) was also successfully overtaken by Terra.

LUNA is now ranked as the tenth cryptocurrency based on its market capitalization. At the time of writing, the price of LUNA was traded at the level of Rp.924,849. LUNA has decreased by 13.4 percent in the last 24 hours.

For information, Terra is a blockchain protocol that uses stablecoins to support a stable global payment system. In its whitepaper, Terra combines price stability and widespread adoption of fiat currencies with the censorship of Bitcoin (BTC) and offers fast and affordable settlements.

Terra was developed in January 2018. In April 2019, the Terra mainnet was officially launched. Then in September 2021, Terra offers stable coins tied to the price of the US dollar, South Korean won, Mongolian tugrik and more.

LUNA is the native Terra token used to stabilize the stablecoin protocol. LUNA holders can also submit and vote on governance proposals and provide functionality of the crypto.