Cryptocurrency Terra (LUNA) was able to perform very well this week amid the retreat of Bitcoin and Ethereum. After reaching the bottom at $80.5, the token rebounded to a local peak at $99.5.
LUNA climbed to sixth place in the ranking of the largest digital currencies. At the end of the week, its rate corrected to $95.7, but the coin is still in the top five altcoins.
Analysts do not exclude that already in the current cycle, the price of LUNA may beat the previous record set in December at $103.3. This digital asset is very popular among large investors.
The Terra blockchain is second only to Ethereum in the DeFi decentralized finance market.
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This network has a huge potential and can become one of the main competitors of ETH. That is why whales are buying up Terra's underlying asset, the LUNA token.
According to WhaleStats, this coin is one of the top 10 most popular digital assets among whale wallets.
The value of funds locked in Terra-based DeFi protocols is approaching $26 billion. The network even surpassed Binance Chain, which accumulated $12.02 billion in DeFi assets.