New Delhi: As the tension between Russia and Ukraine started deescalating, the cryptocurrency market is also registering a profit. The cryptocurrency market cap on Friday jumped by 1.4 per cent in the last 24 hours. The market cap of cryptocurrency reached $2.14 trillion.
Today, many people are also searching for Terra crypto and Terra crypto price on Google. As many people are trying to find the details about Terra, we have decided to explain it.
Before we jump into the detail, let us check the price of famous cryptocurrencies such as Bitcoin and Ethereum that dominates the market.
The dominance of cryptocurrency is recorded at 39.1 per cent and Ethereum dominance is at 18.6 per cent. The data is provided by CoinGecko which is tracking 13,608 cryptocurrencies.
What is Terra Network?
Terra is one of the few cryptocurrencies that is rising. Terra is said to be an open-source blockchain platform for algorithmic stablecoins. Do Kwon is the co-founder of Terra and he is also one of the co-founders of the original white paper for the crypto.
The price of Terra is currently reached at $103.34. It declined by 4.2 per cent in the past 24 hours. The market dominance of the crypto stands at 1.72 per cent.
Terra has its native currency token, called Luna. Notably, it is a versatile token. In the last 30 days, Luna rises 20.4 per cent while it jumped by 9.8 per cent in the past 14 days.
Why is Luna rising?
Luna’s price is attributed to a few factors in the market. According to the market experts, the price of Terra rises due to ”investors buying spot Luna to lock up in the Astroport lockdrop, then heading their position via perpetual futures to remain delta neutral.”