Bitcoin is heading for $42K support as stock market volatility pushes the price of the cryptocurrency lower
Bitcoin’s link to U.S. stock indexes has been highlighted by turbulent macro developments, with BTC/USD reaching its lowest levels for March so far. With U.S. equities going down, Bitcoin (BTC) broke past $43,000 after the March 3 Wall Street open. On the open, stocks and Bitcoin are both down. BTC/USD maintained within a small intraday […]
By staking market cap, Terra’s LUNA dethrones Ethereum 2.0 to be the number two cryptocurrency.
LUNA, Terra’s native cryptocurrency, has seen a robust increase despite recent market turmoil. The LUNA cryptocurrency is aiming for a new all-time high and is now trading 7.5 percent higher at $95.36 with a market capitalization of $35.7 billion. According to the most recent data from staking incentives, Terra’s LUNA has surpassed Ethereum 2.0 as the second-largest Proof-of-Stake (PoS) network. With increasing demand among DeFi protocols, Terra’s LUNA has emerged as a significant challenger to Ethereum. Terra LUNA, on the other hand, trails Ethereum in terms of total value locked (TVL), which presently stands at $23.7 billion. Among the top ten cryptocurrencies, LUNA has seen the most growth in the last week, with a gain of 77%. It has surpassed giants such as Solana (SOL), Cardano (ADA), and Avalanche to become the seventh-largest cryptocurrency by market cap (AVAX). So, why is the cost of LUNA so high? The Luna Foundation Guard (LFG) announced last week that the LUNA cryptocurrency would be sold over-the-counter. This money will be used to “establish a Bitcoin-denominated Forex Reserve for UST,” according to the Luna Foundation. LFG explained why this was done: Although the widespread adoption of UST as a consistently stable asset through market volatility should already refute this, a decentralized Reserve can provide an additional avenue to maintain the peg in contractionary cycles that reduces the reflexivity of the system. In terms of user acceptance, Terra has been one of the fastest-growing Layer-1 protocols. The price of its own cryptocurrency, LUNA, has mirrored this. Terra is also on track to cut into Ethereum’s DeFi market cap. In such a short amount of time, the Terra ecosystem now hosts 13 DeFi protocols. This year, a huge number of DeFi protocols are expected to enter the Terra ecosystem. LUNA’s price has also risen due to the burning mechanism of Terra’s native stablecoin, UST.
Despite market turbulence, crypto investment funds raise $36 million
As institutional investors re-accumulate, inflows into Bitcoin, Ethereum and other crypto investment products continue to climb. Last week, cryptocurrency investment funds saw a significant increase in inflows, indicating that institutional investors were still interested in digital assets despite the market’s extraordinary volatility. According to CoinShares data, digital asset investment products received $36 million in cumulative […]
Cardano’s On-Chain Activity Surpasses Ethereum’s As ETH Struggles to Recover
The attempt by Ethereum bulls to push the altcoin’s price past resistance at $2,839. Algorand is constructing a bridge to Ethereum, which could increase the amount of Ethereum transactions. If Ethereum price remains above its macro low of $2300, the altcoin may return to the area before reversing its trend. The bulls are unable to […]
NFTs simplified: What to know about digital tokens and how to get or sell them
People are going to start buying gifts again because the Easter season is around the corner. Read through this NFT simplified article to learn all you need to know. NFTs, or nonfungible tokens, are a new option for this season. These digital tokens linked to digital assets like a video highlight, a joke, or a […]