Terra (LUNA), which has surpassed (ADA’s market capitalization), is now the 8th largest cryptocurrency. This was after the price for LUNA soared more than 20% in the crypto market recovery.

LUNA (the governance token of ) saw an amazing price rise on Monday. It jumped from $76.28 up to $91.4 in just 8 hours as reported by CoinMarketCap.

LUNA’s price ramped up shortly after Terra’s algorithmic stablecoin, UST, overtook Binance USDT to become the third-largest stablecoin with a $17.5 billion market cap. The run saw LUNA become the leader in the recovery of crypto markets. However, LUNA suffered major sell-offs after falling below the $40K support level.

LUNA experienced a severe correction over the past two weeks. The price dropped by 36% from $119.18, its record high, set on April 5th 2022.

At the time of writing, the stablecoin is trading at $90.92, up 11.78% in the last 24 hours, and 5% in the past week, giving it a market cap of over $32.1 billion and the position of 8th among the world’s largest digital currencies. Currently, LUNA trades at 24.1% lower than its ATH.

At $31.5 billion, ADA was previously 8th in crypto Cardano’s market capitalization. ADA is now 9th.

The Crypto Market Is Getting Better

Shortly, the crypto market plunged on Monday. It dropped from $1.8 billion to $1.39 Trillion on Monday. In less than one hour, it lost more than 22% its market capitalization. The event coincided with Bitcoin’s steep drop to $38.8K, which was attributed to Bitcoin whales buying the dip.

Despite the correction, the majority of assets, and all of the top digital coins, regained their lost prices on Tuesday, with the crypto market’s capitalization approaching the $1.9 trillion mark once again.

Continue reading on DailyCoin