LUNA, the governance token underlying the fast-growing Terra network, exhibited its outperformance among other larger cryptocurrencies following a huge increase.
On Tuesday, LUNA rose from $76.44 to $91.6, outperforming the rest of the crypto market,
It is still up 17.2 percent on the day, trading at $8.85, according to CoinMarketCap, after a minor retracement from its intraday peak.
Reclaiming post
LUNA, which has a market capitalization of more than $31.5 billion, also reclaimed the eighth position in the rankings following the recent price movement. It has overtaken Cardano (ADA) as the eighth largest cryptocurrency by market value in what is currently considered a close race.
Cardano (ADA presently has a market capitalization of $31.3 billion.
Additionally, Luna has seen a significant increase in daily trading volume, which is up 108 percent in the last 24 hours to surpass $3.1 billion.
Following the project’s plan to acquire $10 billion in Bitcoin (BTC) as a reserve for its native stablecoin termed TerraUSD, Terra has become one of the most widely used cryptocurrencies on the market (UST).
LUNA is a native token on the Terra network, which also includes a number of decentralized stablecoins.
Other performers in the crypto market
TerraUSD (UST) is the most widely used, as well as the largest decentralized stablecoin, surpassing MakerDAO’s DAI.
It passed another milestone on Monday, overtaking Binance USD (BUSD) in terms of market capitalization to become the third-largest stablecoin in the industry, after only Tether (USDT) and USD Coin (USDC).
Elsewhere, the price of Thorchain’s RUNE is up 15.6 percent in the previous 24 hours, making it the day’s second-largest gainer after LUNA. Following them is NEAR, the Near Protocol’s native token, increasing by 13% in the past day.
Bitcoin (BTC), which dipped below $39,000 on Monday, has recovered 4.52 percent in the same timeframe, trading at around $40,662 at press time.
Ethereum (ETH) is also up 4.83 percent on the day, trading at over $3,030.