Being able to diversify in the cryptocurrency sphere was never a real strategy. Whenever negative news regarding Bitcoin, the entire cryptocurrency market crashes and vice versa. With the falling dominance of BTC, being able to diversify is starting to make sense. In today’s crypto crash scenario, and while USD 400 Billion in crypto market cap got wiped within days, this coin soared by more than 30% in 24 hours. Meet Terra LUNA crypto!
What is Terra LUNA Crypto?
Terra is a blockchain protocol that used stablecoins to enable price stability in global payment networks. In fact, they claim to combine price stability and fiat currencies by enabling Bitcoin (BTC), thus offering cheap settlements. Volatility was a highly discussed topic in the cryptocurrency realm. It is one of the main reasons that made investors fear owning cryptos. Terra seeks to change that, by using fiat-pegged stablecoins. They would keep a “one stablecoin to one fiat” peg through a proprietary algorithm that automatically adjusts stablecoin supply based on its demand. This is feasible thanks to their token LUNA, which provides liquidity, price stability, and is easily swappable to other stablecoin at profitable exchange rates.
Is Terra (LUNA) a good Investment?
Terra currently has four tradeable tokens on its blockchain. LUNA gives staking rights and is used in the protocol’s stability mechanism. Those four stablecoins are as follows:
- TerraUSD (UST): pegged to the USD Dollar
- TerraKRW (KRT): pegged to the South Korean Won
- TerraMNT (MNT): pegged to the Mongolian Tugrik
- TerraSDR (SDT): pegged to the International Monetary Fund’s SDR unit of account (Special Drawing Right, which is a basket of Foreign Exchange currencies held by the IMF)
The presence of SDR in the stablecoins offering is a solid must-have, as it represents a very stable currency. Therefore, they plan to add many other currencies in the future such as Euro, Yuan, and Yen pegged tokens. Terra stakers have the ability to vote and recommend new Terra currencies and disapprove existing Terra currencies. With the introduction of new currencies and a cross-border expansion, Terra presents a very interesting opportunity with a solid whitepaper.
How to Buy Terra LUNA
There are many exchanges that list LUNA as a tradable token on their platform. When purchasing a cryptocurrency from an exchange, it is always important to pick a reputable one. In fact, we recommend using Binance to buy LUNA, as it’s a very easy way to do so. On that exchange, you can buy, sell or even hold your LUNA tokens. Also, you can send your tokens to your private wallet if need be.
LUNA Price soared by more than 40%!
In the past 24 hours, the price of LUNA jumped by 41% and reached a price of USD 40.7. Looking at its technical chart in figure 1, we can clearly see how early investors of LUNA managed to reap insanely high gains. Now, should you buy LUNA? Well, it’s very scary to buy LUNA at the current prices, especially as prices are in uncharted territories. Technical traders would never open such trades at such high prices. Maybe day traders can benefit with leveraged positions to “ride the wave”, but if you’re looking to buy, right now is not a smart move (unless you’re into gambling, then you can do whatever you want).
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