Terra Overthrows Cardano Again to Become 8th-Largest Crypto As LUNA Eyes New All-Time High

LUNA resumes uptrend movement as the coin eyes new ATH.

In what is now being considered a close contest, Terra (LUNA) has once again overthrown Cardano (ADA) to become the eighth-largest cryptocurrency by market capitalization. 

LUNA achieved the milestone by soaring over 18% in the last 24 hours, moving from a low of $76.06 to $91.80. At press time, LUNA is changing hands at $90.17 and the cryptocurrency looks set to surpass its previous all-time high of $119. 

With $LUNA soaring above 18% in 24 hours, the cryptocurrency market capitalization also recorded an uptrend, as it is currently around $32 billion, representing a market dominance of 1.61%. 

Meanwhile, Cardano did not make a massive comeback like LUNA after the cryptocurrency market crashed in the early hours of yesterday. 

Cardano’s native cryptocurrency ADA is up over 5.7% in the last 24 hours, moving from a low of $0.87 to $0.94. At the time of writing, ADA is trading at $0.93 across major exchanges, including Binance. 

It is worth noting that this is not the first time Terra will be surpassing Cardano, as a similar development was reported last month.  

Terra has become one of the most adopted cryptocurrencies in the market following the project’s team’s decision to purchase $10 billion worth of Bitcoin (BTC) as a reserve for its native stablecoin named TerraUSD (UST). 

Since Terra began purchasing Bitcoin, it has so far accumulated over $1.5 billion worth of BTC, with the company still expected to make more purchases in the near future. The current balance of the LFG Foundation address is 42,406.92BTC, making it the 19th largest BTC holding address.

Interestingly, TerraUSD has also grown significantly in terms of adoption and valuation. 

At the time of writing, UST is the third-biggest stable coin in the cryptocurrency market, a move that came after the crypto asset usurped Binance USD (BUSD) to become the 13th-largest cryptocurrency.

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