Cryptocurrencies are struggling to become bullish, with the exception of the Terra LUNA coin, which has shown remarkable endurance in recent months despite the crypto market’s strong bearish trend.
LUNA Price has been the most bullish cryptocurrency even though the crypto market had been in a bearish trend for two months, it continued to make new highs until the end of December.
Recently Terra LUNA has surpassed Ethereum as the second most valuable network by staked value, at $40 billion, surpassing Ethereum’s $28 billion.
New ATH for Terra (LUNA) Soon?
Despite the present slump in the crypto markets, a well-known crypto strategist says he’s bullish on Ethereum rival Terra (LUNA).
The Crypto Dog, a pseudonymous analyst, informs his 736,200 Twitter followers that Terra, a decentralised finance (DeFi) payment network, is only a matter of time before it reaches new all-time highs.
Despite the recent drop in the crypto markets, the Crypto Dog’s prediction comes as Terra’s ecosystem continues to show significant indicators of fundamental development.
“LUNA is clearly running to all-time highs once BTC chills out. A lot of charts look like sh*t. This is not one of them.”
According to DeFi Llama, a decentralised finance tracking website, the total value locked in Terra has increased by about 10% in the last seven days and by more than 50% in the last month.
The total capital contained within a blockchain’s smart contracts is represented by its TVL. The current value of the assets is multiplied by the amount of collateral locked into the network to calculate TVL.
According to DeFi Llama, Terra is the second-largest blockchain in terms of total value locked, with a TVL of $21.54 billion, which is 8.34 percent lower than its all-time high of $23.5 billion.