• Terra Luna price action has largely been following the trend set by the big crypto Bitcoin.
• Bitcoin is down 0.47% in the last 24 hours with a trading volume of $14.4 billion over the same time frame.
• Stablecoins still take up 3 of the top positions with Tether (USDT), USD Coin (USDT) and Binance USD (BUSD) in 3rd, 4th and 7th positions respectively.
The crypto market is in a state of flux as prices struggle to hold the recent gains made in December. Bitcoin, the largest digital currency by market capitalization, is down 0.47% in the last 24 hours with a trading volume of $14.4 billion over the same time frame. Ethereum, now a proof-of-stake cryptocurrency, is flashing red at $1,243, down 0.7% on the day. Ethereum’s 24-hour trading volume stands at $3.78 billion with a live market capitalization of $152 billion at the time of writing. The global crypto market capitalization is at $811.03B, a 1% decrease over the last day, according to data from CoinMarketCap. The total crypto market volume over the last 24 hours is $27.62B, which represents a 10.24% decrease.
Terra Luna, the native cryptocurrency of the Terra Luna blockchain, is no exception. Terra Luna price action has largely been following the trend set by the big crypto Bitcoin. However, despite the bearish market sentiment, investors remain optimistic about the potential of the digital asset. This is evidenced by the fact that stablecoins still take up 3 of the top positions with Tether (USDT), USD Coin (USDT) and Binance USD (BUSD) in 3rd, 4th and 7th positions respectively. This is a suggestion that market participants are risk averse, preferring to have their holdings in stablecoins which are not so much affected by extreme price volatilities.
As we move into 2023, it is expected that the crypto market will become more mature. This will lead to more stable prices and better liquidity in the market. This in turn will attract more institutional investors and bring in more capital. This increased capital flow will help drive up prices of digital assets like Terra Luna and also help to drive innovation in the blockchain space.
In conclusion, Terra Luna is an exciting digital asset with a promising future. Although the market is currently bearish, investor optimism remains and there is potential for the digital asset to grow in value in the long term. With the increase in institutional investment and capital flows into the crypto space, Terra Luna could be one of the digital assets that benefit from this upcoming trend.