Terraform Lab’s Luna digital currency has become one of the ten largest cryptocurrencies by market capitalization, according to CoinGecko, outperforming meme tokens Shiba Inu and Dogecoin.
Luna rocketed despite the stagger of virtual currencies due to a greater rejection of risk assets generated by the identification of the omicron variant of the coronavirus, which has affected global markets this week. Bitcoin, the number one cryptocurrency by market capitalization, suffered a fall of nearly 16% in 24 hours and clung this Saturday to a price of US$48,000, following the massive sell-off in the stock markets.
Other cryptocurrencies have been dragged down, such as Ethereum, the second most used virtual currency, which lost the US$3,500 threshold and is now up to $4,000. Other popular cryptocurrencies such as Dogecoin, Solana or Shiba Inu suffered similar falls. The value of Bitcoin was 30% lower than the all-time high of US$69,000 it reached in early November. However, it’s been recovering, since its price today is over US$51,000.
Over the last seven days, Bitcoin fell 11.5%, Ethereum 1.1%, Binance Coin 5,6%, Solana 1.9%, Cardano 9%, XRP 15.7%, and Polkadot 22.4%, according to CoinGecko. Terra’s Luna, on the other hand, went up 39.6% during the last week.
At the moment of writing this article, Terra’s price is US$71.91 with a 24-hour trading volume of US$3,557,696,890. It is down 2.88% in the last 24 hours, but up 39.6% in the last seven days. The digital currency is also number ten in the cryptocurrency ranking by market capitalization, thanks to a market cap of US$27,583,298,708 and it has a circulating supply of 383,579,197 Luna coins