Volatility was written all over the crypto market. Terra [LUNA], however, was making the most of it. The altcoin broke its all-time high following yesterday’s temporary bullish momentum. Now, the asset was seen climbing the crypto ladder as well.
Terra fought long and hard to enter the coveted top 10. The asset had been seen lingering in the top 20 for quite some time. With altcoins taking the front stage, LUNA was making headway. The altcoin’s market cap witnessed a significant surge which further aided in its efforts of flipping prominent coins like Cardano [ADA] and Solana [SOL].
During press time, Terra’s market cap was at a high of $34.37 billion. ADA however, was still at $27.1 billion. This disparity was certainly difficult to reverse.
Additionally, it was also speculated that LUNA could soon flip XRP as well. Currently, Terra sits as the seventh-largest cryptocurrency. XRP’s market cap was at $35.39 billion, as a result, XRP is likely to drop down to the seventh spot.
Terra [LUNA] price retraces following all-time high
Just yesterday, the LUNA community celebrated after the asset hit an all-time high of $104.58. However, this run was cut short after the asset dropped down by nearly 7 percent. At press time, the altcoin was trading for $96.82.
The one-day price chart of LUNA/USD on Binance revealed that a bullish sentiment persisted in the market despite the recent drop. The Parabolic SAR indicator formed a line of support below the candlesticks. The Awesome Oscillator followed suit and rolled out green closing bars indicating bullish momentum.
Furthermore, traders continued purchasing the altcoin, the Relative Strength Index [RSI] indicator said so.
TVL of LUNA takes off
March seemed to be turning into a great month for Terra. It was raining gains for the altcoin. The total value locked in Terra soared by more than 6 percent over the last 24-hours and was at a high of $25.71 billion.
It was further revealed that Terra was the second largest chain on DeFi as it accounted for 12.87 percent of the total value locked in all chains. Ethereum was obviously in the first position with 54.57 percent.
Despite being new compared to Ethereum and Binance Smart Chain [BSC], Terra was still taking over the DeFi space.