LUNA, the governance token behind the fast-growing Terra network, rallied from $76.44 to the daily high of $91.6 on Tuesday, leading the charge of the rest of the crypto market.
Despite a slight correction from its intraday high, LUNA is still up some 17.2% over the day by press time, trading at $8.85, per CoinMarketCap.
The latest price action also saw LUNA, which enjoys a market cap of more than $31.5 billion, reclaim the eighth spot in the rankings. The ninth-placed Cardano (ADA) has a market cap of $31.3 billion.
The token also witnessed an impressive amount of daily trading volume, which is up 108% in the past 24 hours to exceed $3.1 billion.
LUNA is one of the Terra network's native tokens, including several decentralized stablecoins.
The most popular of them is TerraUSD (UST), which is also the largest decentralized stablecoin, ranking ahead of MakerDAO’s DAI.
It hit another milestone on Monday, surpassing Binance USD (BUSD) in terms of market cap to become the industry’s third-largest stablecoin behind only Tether (USDT) and USD Coin (USDC).
Terra's Stablecoin UST Becomes Crypto's Third-Largest
First DAI, now BUSD. Terra’s UST is on a tear. Today, the fast-growing TerraUSD (UST) stablecoin from the Terra ecosystem has hit another key milestone. With more than $17 billion in market capitalization, it's become crypto’s third-largest stablecoin. Terra's stablecoin overtook Binance USD (BUSD) to grab third place, but the gap is thin: roughly $68 million. The leading stablecoin as of this writing is Tether (USDT), which commands a whopping $82 billion market cap. USD Coin (USDC) is second...
Crypto market rebounds
Elsewhere, amid the moderate post-Easter recovery, the price of Thorchain’s RUNE is up 15.6% over the last 24 hours, making it the second-largest gainer of the day behind LUNA. After that NEAR, the native token of the Near Protocol, jumped 13% in the last day.
Bitcoin (BTC), which fell below $39,000 on Monday, is back up 4.52% over the same period, changing hands at about $40,662 by press time.
Ethereum (ETH) is likewise up 4.83% over the day, currently trading at about $3,03.
Among other top ten largest cryptocurrencies by market cap, Binance Coin (BNB), Solana (SOL), and Avalanche (AVAX) have surged by roughly 6%.
