The past two weeks have seen an extreme bear market in the history of crypto, with the total market capitalization of this industry dipping as low as $600 billion for the first time since Nov. 2021. Terra (LUNA) has once ranked among the 10 most valuable cryptocurrencies in the market and had an all time high at the price of $119.5. By May 11, however, the price of the asset had lost about 99% of its value and dropped from $75 to $0.000005 in 5 days. With insane volatility, it rebounded by more than 1000% on May 13 and currently trades at the price of $0.0002. Faced with Luna’s current situation, where Luna’s next step has become a common concern.
What’s Next for Luna?
Crypto analyst WalletInvestor still describes LUNA as an “awesome investment” and predicts the cryptocurrency should see bullish growth. The token is expected to surpass $50 in November 2022.
However, DigitalCoinPrice does not think it will surpass the $1 mark again. The LUNA crypto forecast says it will stay at an average price of $0.0002 this year. This is expected to climb marginally in 2025 when an average price of $0.0003 is predicted. By 2031, its Terra Luna coin price prediction anticipates it to climb to $0.0009. At the same time, in the long term, Luna’s future is also not optimistic. The LUNA crypto forecast from PricePrediction suggests a resurgence is not likely.
What Contributes to Luna’s Decline
Unlike Tether’s USDT or Circle’s USDC which are backed by fiat money or equivalent asset, Terra is designed to maintain the peg via mathematical algorithm and active trading. Recently, the UST has “de-pegged” from its value of $1 for a high selling pressure due to the massive drain from Anchor.
Since they are bonded by on-chain mint-and-burn mechanics, that massive short led to sharp drops on both UST and its sister token LUNA. Then the “de-peg” happened. When the traders realized that $1 worth of LUNA was no longer for $1 of UST, they became insolvent. As a result, the LUNA crashed by 99% of its price and lost most of its market cap.
A Problem of Public Trust in Altcoins?
In face of Luna’s big bear market today, the Luna team is contemplating what to do to make Luna recover but on the other hand, can they recover luna? This is extremely difficult to do because it requires a lot of attention from the public and finance to power the project.
The team needs the community to trust them again and give them a second chance but the community is tired of the project due to the huge loss of funds and loss of lives. In fact, there is greater trust in mainstream currencies in the face of the public and the fiscal sector. Meanwhile, mainstream currencies (BTC, ETH, etc.) have shown stronger anti-risk capabilities when dealing with market turmoil. However, I believe that many crypto beginners will have a headache with the complicated mechanism and gameplay of some mature platforms. For beginners, the Bexplus crypto exchange must not be missed. Bexplus’s professional copy trading allows beginners to grow up with veterans at the fastest speed and make their own profits in the crypto market.
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