LUNA rallies, Bitcoin jumps above $39k as war in Ukraine continues

Some days marque it hard to find joy, adjacent arsenic crypto markets are rallying. Nevertheless, the losses made since the outbreak of the tragic warfare betwixt Russia and Ukraine person mostly recovered and markets are mostly successful the greenish connected the daily.

As galore times before, bitcoin leads the mode by the stock value of the starring cryptocurrency by marketplace cap. Bitcoin (BTC) is fundamentally backmost to the aforesaid levels arsenic earlier the outbreak of the conflict, jumping implicit $39,000 for the archetypal clip since Wednesday past week. Trading astatine $39500 astatine property time, bitcoin is up 11.3% connected the daily, but inactive down 2.9% connected the week.

LUNA comes retired arsenic the winner

At the aforesaid time, ether (ETH), the second-largest cryptocurrency by marketplace cap, is up 14.5% successful the past 24 hours, trading astatine $2,700 astatine property time, though inactive down 5.5% connected the week.

Meanwhile, of the apical 10 cryptocurrencies, Terra’s LUNA token comes retired arsenic the large winner. LUNA is up 26.6% successful the past 24 hours, and up 33.2% connected the week, trading astatine property clip supra $67. LUNA has been pushed by a reliable tailwind nary substance the clip frame. The token is up a handsome 902% the past year.

By comparison, those who bought bitcoin a twelvemonth agone are down 20.5%, portion ethereans tin observe a summation of 67.5% implicit the aforesaid clip period.

Terra, the makers of the LUNA token, has seen immoderate affirmative developments successful caller times. Two months ago, large exchanges listed Terra’s UST stablecoin, which had a affirmative effect connected the worth of the LUNA token arsenic it reached an all-time-high implicit $100 astatine the extremity of December.

Terra raised $1 cardinal successful funding, bitcoin UST reserve

Also, enactment successful the LUNA ecosystem is picking up steam. Total Value Locked (TVL) successful the ecosystem amounts to $18.6 cardinal astatine property time, according to data from DeFi Llama. TVL reached all-time-high connected the 27th of December astatine conscionable implicit $21 billion.

Just 2 days agone it was announced that Terra raised $1 cardinal successful backing to make a bitcoin reserve for the UST stablecoin. This means bitcoin volition represent a stock of the backing of the UST token. The LUNA token is present the ninth-largest cryptocurrency by marketplace headdress with a full worth of implicit $25.6 billion.

The 2 starring cryptocurrencies some reached their all-time-highs connected November 10 past year, reaching $69,044 and $4,878 respectively. Since then, bitcoin is down 42.6% and ether has mislaid 44.1%.

As the geopolitical developments are highly uncertain successful the adjacent future, readers should beware of precocious volatility successful markets successful the coming days and weeks.