Terra enters top ten cryptos as Bitcoin suffers from FUD

Blockchain protocol Terra has raced past popular memecoins Dogecoin and Shiba Inu to enter the top ten cryptocurrency market.

The news came as a surprise since many top cryptocurrencies are still struggling to maintain their positions after investors reported ‘Extreme Fear’ sentiments over the weekend.

Terra’s coin LUNA reached its all-time high (ATH) of $77.71 on December 5, clocking nearly $34% gains in the last seven days. Although the coin declined by more than 17% since then, Terra still maintains its 10th position in the rankings. At the time of writing, its currency value and market capitalization stood at $64.71 and $25.25 billion, respectively.

Talking about the top cryptocurrencies, Bitcoin is recording 15.28% weekly losses at its current price of $48,533.70 (Dec. 6, 1:25 PM UTC). Ethereum, Polkadot, and Cardano have reported losses of 6.44%, 26.06%, and 17.57%, respectively.

Founded in 2018, Terra is a South-Korea based blockchain protocol that uses algorithms to mint stablecoins pegged to various fiat currencies to offer fast and affordable settlements. Its token LUNA is used to mint the stablecoins as well as used for voting and paying network fees.