Terra LUNA is continuing its bullish trend from where it left off on Wednesday, up almost 7% to trade at $59.39 on Thursday morning, Asia time.
- The currency has been as low as US$55.19 and as high as US$63.99 in the last 24 hours.
- Terra native stablecoin UST is an algorithmic stablecoin that could be minted by locking LUNA and has a market capitalization north of US$12 billion.
- “Especially as regulatory pressures increase, algorithmic stablecoins are set to gain more market share,” AAX head of research and strategy Ben Caselin told Forkast.
- Terra’s price surge comes on the back of Luna Foundation Guard’s US$1 billion private token sales conducted to form a Bitcoin reserve for UST.
- Bitcoin was trading at US$35,731 at press time, down 5.5% to resume its bear run after a brief Wednesday rebound.