Terra Soars to Become 8th Largest Crypto

Terra (LUNA) has surpassed the market capitalization of Cardano (ADA) and settled as the 8th biggest cryptocurrency after the price of LUNA soared by more than 20% during the recent crypto market recovery. 

LUNA, the governance token of Terra, made an impressive price rally on Monday, jumping from $76.28 to $91.4 in less than 8 hours, as seen on CoinMarketCap. 

LUNA’s price ramped up shortly after Terra’s algorithmic stablecoin, UST, overtook Binance USDT to become the third-largest stablecoin with a $17.5 billion market cap. The run made LUNA the undisputed leader of the crypto market recovery, which suffered sell-offs across the board after Bitcoin slipped below the $40K key support level on Monday.

LUNA had been experiencing a serious correction for almost two weeks, declining by more than 36% from its all-time high price of $119.18 set on April 5th, 2022.

At the time of writing, the stablecoin is trading at $90.92, up 11.78% in the last 24 hours, and 5% in the past week, giving it a market cap of over $32.1 billion and the position of 8th among the world’s largest digital currencies. LUNA is currently trading 24.1% below its ATH. 

In the meantime, formerly 8th-ranked crypto Cardano (ADA) slipped down to the 9th position with a market capitalization of $31.5 billion.

The Crypto Market Recovers

The whole crypto market briefly dipped on Monday, dropping from $1.8 trillion to $1.39 trillion on Monday, and losing more than 22% of its market capitalization in less than an hour. The event coincided with Bitcoin’s steep drop to $38.8K, which was attributed to Bitcoin whales buying the dip.

Despite the correction, the majority of assets, and all of the top digital coins, regained their lost prices on Tuesday, with the crypto market’s capitalization approaching the $1.9 trillion mark once again.