terra-luna-enters-top-10-cryptocurrency-as-market-crash-drives-bitcoin-down-–-money

Terra Luna enters top 10 cryptocurrency as market crash drives Bitcoin down – Money

Terraform Labs’ Luna cryptocurrency is now one of the ten largest cryptocurrencies by market cap, according to CoinGecko, overtaking popular Shiba Inu dog-based memes tokens and Dogecoin, despite a market meltdown that wiped out hundreds of billions of dollars in two days and saw the prices of major cryptocurrencies, like Bitcoin and Cardano, plummet in double-digit percentages.

Main facts

Terra Luna was trading at 61, 05 dollars per token, down almost 19% against a record of 77, 73 dollars the week before, but still up 22% in the last seven days, according to CoinGecko. Earnings de Luna mean that the token’s market cap jumped to around 22, $ 6 billion , overtaking Dogecoin to become the tenth most valuable cryptocurrency. Luna’s soaring value comes against a backdrop of a widespread fall that has wiped more than 300 billion dollars from the cryptocurrency market in two days. Luna is one of the only two tokens of the top 20 which are unrelated to other assets and have withstood rout – the Polygon Matic, who is now the 16 th most valuable cryptocurrency, also gained 7.8% over the past week – as the majority of major tokens saw a decline two-digit percentages. The price of Bitcoin, the most popular cryptocurrency recious in the world and which represents nearly 40% of the cryptocurrency market, has fallen by 16, 8% in the last seven days. Ethereum (down 7.5%), Binance BNB (9.9%), Solana (05, 5%), Cardano (16, 5%), XRP (20%) and the Polkadot (24, 6%) also fell.

The context

Crypto-currencies are a notoriously volatile set of assets and even those at the top of the market like Bitcoin and Ethereum are not immune to rapid fluctuations. Bitcoin, for example, trades at around 40 300 dollars, down from record by just over 61 000 dollars reached a few weeks ago. A good chunk of that has been lost over the past week and some of the top ten cryptocurrencies – the Polkadot and the Solana – have lost more than 10% of their value during the last 24 time. This decline comes amid a context of broader concern in the stock and cryptocurrency markets following the emergence of the new Omicron variant of the coronavirus.

Article translated from Forbes US – Author : Robert Hart

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