Terra (LUNA) Enters Top 10 Crypto List by Market Cap

Terra (LUNA) Showcases Strong Rally as Price Surges 15% in Last 24 Hours
  • The altcoins have taken a beating after the beginning of December.
  • Terra currently ranks 9th on the list.

Traditional markets have also been affected by the atypical end to 2021, with little sign of the Santa surge last week. The bitcoin price has rebounded after another slide below $46,000 and today stands at $47,000. The altcoins are also marginally in the black, with Terra leading the pack following a massive double-digit increase.

Volatility in the principal cryptocurrency has been on the rise recently. On December 12th, it failed at $51,000, and the bears pulled it down by several thousand dollars in the following days.

BTC/USDT: Source: TradingView

There have been two straight declines below $46,000, the most recent of which occurred yesterday. BTC responded nicely to the recent dump and surged over $48,000, its highest level in 24 hours. Despite this, it could not maintain its upward trajectory and has now fallen about $1,000 since it is still trapped below $900 billion in market value.

Altcoins Bounce Back

The altcoins have taken a beating after the beginning of December, particularly since the colossal drop two weeks ago. Ethereum dropped from over $4,700 to $3,500 in a single day, and although it has since rebounded, it is still trading below $4,000 per coin.

LUNA/USDT: Source: TradingView

On the other hand, Terra stands to benefit the most from the more significant alts. LUNA has jumped 14% in a single day and is now trading around $75. Thus, it has displaced Polkadot among the top ten biggest cryptocurrencies by market capitalization and currently ranks 9th on the list. According to CoinMarketCap, the Terra price today is $74.13 USD with a 24-hour trading volume of $2,159,864,342 USD.

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