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Luna becomes 10th largest cryptocurrency by market cap

Luna

TL;DR Breakdown

• Terra outperforms SHIB and DOGE in the virtual market.
• Luna rises 12000 percent of its value in the last year.

The company’s cryptocurrency Terraform Labs’ luna, has just reached a new level in popularity and market capitalization, which propelled it to occupy the number 10 position of the main tokens according to CoinMarketCap. This rise allows the token to outperform its adversaries, such as DOGE and SHIB, ranked 11th and 13th, respectively.

Even though Luna lost over 6 percent of its value throughout Monday, it still maintains its immense rise of 25 percent in the last week.

Luna reaches 10th place on CoinMarketCap

Luna

Luna, a cryptocurrency developed by the Terra Blockchain, aims to occupy one of the 10 CoinMarketCap positions for its market value. According to the cryptocurrency analysis website, Terra has a capital that reaches $24,342,542,894 today, with a trading volume of more than $4,106,023,470 in the last 24 hours.

However, this is not the highest valuation in which the token has arrived, considering that the cryptocurrency was capitalized above 25 billion dollars in previous months. Competitor crypto such as SHIB and DOGE has tried to reach 10th place, but their goals could not be met at this time due to the crypto crash of the last week.

Luna is a token created in 2018 by Terraform Labs that intends to use Stablecoins as a payment method and stabilize its protocol supported by USDT. The token has also been supporting DeFi trading for a while.

Alternatives to decentralized finance with the Terra protocol

For some time now, decentralized finance fans, DeFi, have looked for an alternative to stopping operating with Ethereum. The number two cryptocurrency in the virtual market has high payment fees, interfering with the user experience. Luna enters the list of alternatives in DeFi operations, like Solana, whose popularity has not been as high as expected.

The Terra token has increased in value by 12000 percent throughout the year and has maintained a steady rally in the last quarter. With this very favorable graph, Luna is trading at $63.67 today, December 6. Over 24 hours ago, the crypto remained at $72.46.

But the main tokens such as Bitcoin and Ethereum have risen to over 1 percent in value, which has allowed them to trade at $49000 and $4200, respectively. Polygon’s Matic has been trading at a 22.02 percent gain in the past seven days, according to CoinMarketCap.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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