Terra (LUNA) has garnered a lot of attention as the token surged upwards by more than 20% during the past twenty-four hours. The cryptocurrency has been on a steady uptrend during the weekly timeframe after a month of bearish momentum. The token appears to be currently in a bullish consolidation period which can lead to further bullish momentum. At the time of writing, the LUNA token stands at a price level of $65.32. The trading volume has stayed stable during the day. Terra is the ninth-largest cryptocurrency in the market with a capitalization of $24 billion.
What is going on?
The surge of the token can be attributed to the various developments going on in the network. The leading crypto exchange Bittrex listed the stablecoin, Terra USD, recently. UST is now available for trading on the exchange which has resulted in access of the stablecoin to a larger userbase.
Another major development – which can also be regarded as a hallmark moment for the Terra ecosystem – is the launch of the Luna Foundation Guard (LFG). LFG recently closed its private sale in which it accumulated a staggering $1 billion for the creation of UST treasury denominated in Bitcoin. The token sale is regarded to be one of the largest in the whole cryptocurrency market because of its sheer size. The Luna Foundation Guard is essentially a not-for-profit organization created for the development of a truly decentralized economy. The LFG is primarily focused on Terra and its UST stablecoin because of the value proposition of the algorithmic stablecoin.
The platform has also been sponsoring up and coming projects along with events. DeFi The Conventional is planning Canada’s largest crypto hackathon which is officially sponsored by Terra.
Terra: Future outlook
Terra is one of the largest cryptocurrency and ecosystems in the crypto market. It has a solid footing in the market which automatically gives it a bullish outlook. However, in light of the recent developments and the current price trajectory the bullish outlook for the future of LUNA has been further cemented. According to the estimates of Digital Coin Price, the cryptocurrency is expected to end the year with a price level of $87 while the five-year projection places it at a whopping $180. Wallet Investor in even more bullish on the token and suggests the one0year price at $136 while the five-year price is projected to be at $475.
