Terra is leading the crypto market recovery from a massive bloodbath and correction which happened on December 3. Terraform labs’ native token is among the 10 fastest to recover with a gain of 32%.
The Crypto market is highly unpredictable and volatile. One minute it is up and the next minute it is down with all the money of investors and traders. We can guess the volatility of the market by only looking at the price of flagship cryptocurrency. Bitcoin lost $16k in a period of 24 hours and took the whole market with it. This nosedive of the primary coin wiped billions of dollars from the crypto market. The market is recovering from that bloodbath and Terra is leading this recovery.
Terra is leading the market recovery:
With a market cap of $27.8 billion, LUNA is trading at a price of $72.71 which is up 32% since the correction of the market, according to the data from CoinMarketCap. Terra has surpassed the DOGE token and took its 10th position in the crypto market. Terra is leading the price recovery but it has been outperforming Bitcoin over the last few weeks. Surprisingly, the token has gained more than 64% against Bitcoin on the weekly charts.
The main reason for such growth of the LUNA token is the expanding foothold of the token in decentralized finance (DeFi) applications. Furthermore, there’s a sharp surge in the development activity taking place on the Terra blockchain. TVL on the Terra continues to hit new highs, surpassing Avalanche and Solana to rank third. In the past 7d, Terra-TVL has grown 42.9%. Terra Token Luna also quickly recovered from the decline and set a new high.
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