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2022-03-07 21:01:17
A week ago, LUNA, along with XRP and Cardano, were both struggling amid the broader market downtrend. However, that changed on February 21, when the altcoin started to skyrocket. Soon, it even generated returns for its investors, surpassing Cardano’s market cap.
Terra is on the rise
Over the past eight days, LUNA has increased by 85.25%. After dropping around 104.59% since the start of the year, the altcoin has now neutralized all of its losses.
LUNA is currently trading around the $94 zone, the last time it touched this zone was on Jan 1st. However, that’s not all, the price increase corresponds to the increase in the market capitalization as well. In fact, this number has gone from 19.4 billion USD to more than 35 billion USD.
Market Cap Terra | Source: TradingView
On the other hand, Cardano is losing its share in terms of market capitalization. Even yesterday’s rally only increased its capitalization by $3.6 billion. Meanwhile, LUNA’s market capitalization in 24 hours has increased by $7 billion.
Therefore, LUNA has officially usurped Cardano and climbed to 8th place. Next could be the position of XRP.
Like Cardano, XRP also failed to make any significant strides. Yesterday’s 8% gain only pushed the market capitalization up by $3 billion. At the moment, LUNA is only about 1.5 billion USD away from XRP’s position.
Ripple Market Cap | Source: Coinmarketcap
Disadvantage of XRP
XRP’s weakness probably comes from the lack of support from DeFi.
Terra is dominating, not only in the crypto market but also in the DeFi market. Currently, Terra is hosting 21 applications, their total value is more than 23 billion USD.
Here’s what’s missing with XRP. This is why Terra is threatening XRP’s position, despite its widespread global adoption.
As it stands, XRP investors have been having a pretty rough run for weeks now, looking for opportunities to turn their losses into profits. Yesterday’s bull run was their chance and many long-term holders took advantage of the same.
Within 24 hours, addresses storing XRP over 340.43 days (long term holders) moved and sold billions of tokens in the market.
Long term holders move and sell tokens | Source: Santiment
However, this is the highest return the network has seen in the past 2 months.
XRP Network Profits After 2 Months | Source: Santiment
For now, it is unclear whether yesterday was just a rally or the beginning of a sustained rally. Therefore, the only way is to watch the market for the next 48 hours and confirm whatever happens.
#LUNA #overtakes #ADA #chart #XRP
