The crypto market is currently facing a strong price recession. Last week, a market-wide selloff led to major losses, as Bitcoin dropped to around $48K. However, LUNA is proving to be resilient, and it is currently one of the best-performing tokens in the market.
On December 5, LUNA hit an all-time high of $77. However, it has since dipped to around $63 at the time of writing, reflecting a 17% decline in 24 hours.
LUNA hits ATH
Data from CoinGecko further shows that LUNA is still up by 44% in the past two weeks despite the current recession. In the past few weeks, the token has performed beyond expectations.
LUNA was one of the most-hit tokens during the May market crash. In May 2021, the price of LUNA was slashed by6 around 81%, which was attributed to a major selloff across the market.
Nevertheless, the past few months have given LUNA a strong comeback, and the token is currently recording new highs. Following the recent gains, LUNA has outperformed Ethereum 10 times since the May crash.
LUNA has gained around 2700% since the May market crash, while its yearly gains stand at over 12000%. This is quite a contrast from Ethereum, which has gained only 270% since the May crash and 576% yearly.
Given that most of the market is dipping, the recent LUNA bulls have enabled the token to surpass trending coins such as Shiba Inu, which is currently trading in the red zone. At the time of writing, LUNA’s market cap stood at over $24.4 billion, ranking as the 10th largest crypto by that metric.
Terra surpasses Solana’s TVL
The Terra blockchain network is not being left behind in terms of gains. The decentralized finance (DeFi) blockchain recently hit a new milestone after surpassing Solana’s total value locked (TVL).
The Terra blockchain currently accounts for the third-largest TVL after Ethereum and Binance Smart Chain. At the time of writing, the TVL on Terra’s blockchain was $12.95B, according to DeFi Llama. In just a few days, the Terra TVL has surpassed both Solana and Avalanche.
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