Terra (LUNA) price increased to $ 21.78 on March 19, hitting ATH and continues its upward momentum. So what are the developments that led to this situation?
Terra (LUNA) gained 228 percent on the monthly chart, 184 percent on the two-week chart, and 98 percent on the weekly chart, according to CoinGecko data. LUNA rose 17 percent on a daily basis and managed to reach an all-time high. The token has a market value of $ 8.7 billion and a daily transaction volume of $ 1.1 billion.
Developments that increase the price of Terra (LUNA)
- Anchor Protocol: Terra aims to increase the circulation of its stablecoin, UST, with the Anchor protocol it launched. While the Anchor protocol is stated to be important for the Terra ecosystem, the platform is aimed to be the main source of liquidity for LUNA and UST.
- Terra Bridge established: Bridging Terra, Ethereum and Binance Smart Chain. With this bridge, asset transfer transactions will be carried out between Terra, Ethereum and BSC.
- With the Central Bank of Thailand Terra came to the agenda: The Bank of Thailand announced in a press release on 17 March that the THT stablecoin linked to the Terra platform was considered illegal.
- Mike Novogratz effect: Galaxy Digital CEO Mike Novogratz joined a $ 25 million investment tour for the Terra platform at the end of January. Novogratz commented on Terra, “A project that has managed to get out of its field”.