Ethereum rival cryptocurrency surges 12000% and challenges the ETH throne

competitor Ethereum (ETH) There is a lot of buzz in the cryptocurrency market after posting massive gains this year. The crypto smashed the barriers and joined the select list of the top ten crypto activities by market capitalization.

Terra (LUNA), a smart contract network geared toward stablecoins used for e-commerce payments and decentralized financial services (DeFi), stole the show last year and challenged the ETH throne.

LUNA is on the rise this year. The cryptocurrency opened 2021 at $0.65 and reached an all-time high of $78.37 on December 4th. Thus it has been estimated at more than 11.956%.

With this performance, memecoin (DOGE) was toppled by Ethereum competitor Dogecoin and is now the 10th largest cryptocurrency. Its market capitalization is $25.70 billion.

The currency’s appreciation comes on the heels of its equivalent growth in terms of total closed value (TVL).

According to DeFiLlama, Terra’s TVL rose from $53.15 million to $13.32 billion. This represents an impressive increase of nearly 25,000% in less than 12 months.

Luna

When it comes to TVL, Terra is the third largest blockchain. It comes after Ethereum with $169.47 billion and Binance Smart Chain with $16.88 billion.

To explain this high meteor analyzer Cryptocurrency Nicknamed Jay, he said that the demand for stablecoins on the terrestrial platform is the main catalyst for the cryptocurrency boom.

“These dynamics sent Luna to the moon. And while I did see a slight correction over the weekend, if LUNA goes up to $75 in the next few days, $90 is coming soon.

Finally, the analyst noted that with the growing interest in crypto activity, the demand for stablecoins should increase. As a result, this could boost the LUNA device in the coming year.