LUNA is on the rise, with major cryptocurrencies such as Bitcoin and Ethereum still very much anchored.
According to and date of CoinGecko, Terra (LUNA) raised a high of $ 0.00058798, indicating rubble to the swagger situation. The cryptocurrency is funded by Terraform Labs lender Do Kwon has released a recovery plan for TerraUSD and Terra Luna during the Terra Blogspot crash. Do Kwon added to the blog post that the network’s decentralized stablecoin, TerraUSD, has lost community trust? The lender went on to say that Terra’s growth was previously associated with TerraUSD, but with the growth of cryptocurrency, the community should focus its efforts as one large ecosystem that will continue to thrive. Kwon also clarified that the Terra community must rebuild the chain and the validators must restore the network to 1 billion tokens. It is not a bug that LUNA earns at a very fast rate of bitcoin. What does it mean it’s the end of BTC’s golden day? Let’s find out
Terra (LUNA) Making a Comeback
Kwon stressed that the Terra network should incentivize its security with a realistic inflation rate of 7%, as fees will no longer be enough to pay for security without commercial fees. Furthermore, the holders of the TerraUSD stablecoin, according to the founder, should own a significant part of the network because they are the debt holders of the network and should be fairly compensated.
Apart from that, he pointed out that the Luna network requires its pre-incident token holders to stay in order to add value to the ecosystem. Interestingly, the recent boom in the value of cryptocurrencies pales in comparison to the tremendous loss that preceded it. The token went from an all-time high of $118 in April to zero in recent days.
Currently, according to data from CoinMarketCap, the token is trading at $0.0001775, up 24.86% in the last 24 hours.
Bitcoin is Losing its Lost Glory
Currently, Bitcoin and Ethereum, the largest cryptocurrencies in the market, are struggling to recover from their bearish price trends. Although LUNA has faced the biggest drop in the history of the cryptocurrency world, the fact remains that LUNA is making a comeback while major cryptocurrencies like Bitcoin and Ethereum are still struggling. Financial experts believe that the cryptocurrency market is following the trends of the stock market, which also suffered a tech-driven sell-off earlier this week amid earnings results from big tech companies. At the time of writing, the value of Bitcoin is $30,352.42, according to coinmarketcap. Around April 4-5, Bitcoin broke the $45,000 resistance and headed towards $48,000. Key indicators indicated that Bitcoin will rise further and predicted that April could be kinder to BTC. But instead, the crypto has declined further, making investors quite concerned about its future prospects.
Should you invest in Bitcoin right now?
Well, it is quite evident that Bitcoin needs more support from its developers and investors. Experts believe that if Bitcoin fails to regain its lost market value, Ethereum could soon overtake BTC to become the largest cryptocurrency on the market. The release of the Ether “Merge” upgrade has been postponed until the third quarter of 2022. But the competition will be stiff after this release and Bitcoin must prepare for it. Because if not, it will be extremely difficult for BTC to remain the world’s leading cryptocurrency.
Be Careful with Bitcoin Price Fakeouts
History should never be used as a fixed indicator for future price movements. While Golden Cross has historically produced mid- to long-term spikes, it’s also essential to keep an eye out for counterfeits. As reported by Cryptopotato, in 2015 Bitcoin traced two Golden Cross patterns. However, the first appeared to be a fake and the 50MA has temporarily dipped below the 200MA. Even if it remains supported, taking short short positions could be riskier despite the bullish cross.