Topline
Terraform Lab's Luna cryptocurrency is now one of the top ten largest cryptocurrencies by market capitalization, according to CoinGecko, triggering popular Shiba Inu dog-based meme tokens and dogecoin despite a market-wide sell-off that wiped out hundreds of billions in value over two days and saw the prices of major cryptocurrencies, such as bitcoin and cardano, drop by double-digit percentages.
Terra's moon became one of the top ten cryptocurrencies by market capitalization.
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Key facts
Terra's moon was trading at $ 61.05 a token Monday morning, nearly 20% down from an all-time high of $ 77.73 on Sunday, but still up 22% in the past seven days, according to CoinGecko.
Luna's gains mean that the token's market capitalization jumped to around $ 23.6 billion, surpassing dogecoin to become the 10th most valuable cryptocurrency.
Luna's rising value comes amid a widespread sell-off that wiped more than $ 300 billion from the crypto market in two days.
Luna was one of two top-20 tokens not tied to other assets to defy defeat: Polygon's matic, now the 16th most valuable cryptocurrency, also gained 7.8% over the last week, with most of the top tokens with a double digit drop. percentages.
The price of bitcoin, the world's most valuable cryptocurrency and nearly 40% of the crypto market, fell 16.8% in the past seven days, with ether (up 7.5%), Binance's BNB (9, 9%), solana (10.5%), cardano. (19.5%), XRP (21%) and polkadot (28.6%) also plummeted.
Key Background
Cryptocurrencies are a notoriously volatile set of assets and even those at the top of the market, such as bitcoin and ether, are not immune to wild and rapid fluctuations. Bitcoin, for example, is trading at around $ 47,600, down from a record high of just over $ 69,000 a few weeks ago. A good chunk of that was lost in the last week and some of the top ten cryptocurrencies, polkadot and solana, lost more than 10% in value over the last 24 hours. The liquidation comes amid increased unrest in stocks and cryptocurrency markets after the appearance of the new omicron variant of the coronavirus.
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