Terra’s UST stablecoin has surpassed Binance USD (BUSD) to develop into the third-largest stablecoin by market cap.
The cryptocurrency market has carried out properly over the previous 24 hours. After a poor begin to the week, the broader market has seen its worth enhance by greater than 4% previously few hours.
The wonderful efficiency sees the broader cryptocurrency market cap rally in the direction of the $1.9 trillion mark once more. Bitcoin is buying and selling above $40k after declining in the direction of the $37k assist degree yesterday.
Ether can also be buying and selling above $3,000 once more after briefly dropping to $2,800 earlier this week. Nonetheless, LUNA, the native token of the Terra ecosystem, is the very best performer amongst the highest 10 cryptocurrencies by market cap.
LUNA is up by greater than 16% within the final 24 hours, outperforming the opposite main cryptocurrencies within the course of.
The continued rally is fueled by UST’s newest milestone. UST is the stablecoin backed by the Terra ecosystem. In accordance with the most recent information, UST has now develop into the third-largest stablecoin by market cap.
UST’s market cap now stands at $17.5 billion, surpassing BUSD ($17.3 billion) a couple of hours in the past. UST has grown by greater than 1,000% over the previous yr, making it the fastest-growing stablecoin within the crypto market.
Key ranges to look at
The LUNA/USD 4-hour chart is essentially the most bullish amongst the highest 10 cryptocurrencies by market cap. At press time, LUNA is buying and selling at $89 per coin.
The MACD line crossed the impartial zone a couple of hours in the past, indicating robust bullish momentum. The 14-day RSI of 61 reveals that LUNA could possibly be heading to the overbought territory if the rally continues.
If the bulls stay in cost, LUNA may surpass the primary main resistance degree at $95 earlier than the tip of the day. Nonetheless, it will want the assist of the broader market to maneuver previous the $100 mark for the second time this month.