While much of the overall crypto markets have enjoyed a modest bounce over the last week, one Ethereum (ETH) competitor is standing out to overshadow the rest with significantly bigger gains.
LUNA, the native coin of decentralized payment system Terra, rallied from $48.53 on February 22nd to $79.64 on Feb 27th for gains of over 64% in five days.
LUNA’s price action hasn’t gone unnoticed.
Closely followed pseudonymous crypto analyst Altcoin Sherpa says LUNA currently appears to be one of the most bullish digital assets on the market. According to the crypto strategist, the massive wave of buying power that hit LUNA as crypto markets sold off could be a bullish sign for the seventh digital asset by market cap.
“LUNA: remains one of the strongest altcoins out there right now. The way the dip got bought the f*** up yesterday was impressive. EMAs (exponential moving averages) bullish on the 4-hour [chart]. BTC pair is gunning for the highs. Get ready to take some profit, in my opinion.”
Terra’s strong performance comes as its ecosystem has grown rapidly. Decentralized finance (DeFi) tracker DeFiLlama shows that Terra’s total value locked (TVL) surged to $19.88 billion, a rise of nearly 30% in seven days.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Terra is currently the second-largest blockchain in terms of total value locked next to Ethereum (ETH).
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Featured Image: Shutterstock/GrandeDuc