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Terra breaks all-time highs - what makes cryptocurrency so attractive?

 


Terra's LUNA token has been breaking new all-time highs for a few days. This happens in a phase in which Bitcoin and other cryptocurrencies are in a strong correction. What makes Terra so attractive as a cryptocurrency at the moment? 

Cryptocurrency Terra at an all-time high

The LUNA token is Terra's native token. The LUNA Coin has risen sharply in value since the beginning of December. After a small correction, the course has been climbing steeply for a week. Most recently, the token hit a new all-time high of over $ 81. This makes Terra a cryptocurrency that has massively gained in value despite the Bitcoin market correction.

With the increase in the last 7 days, Terra has gained a whopping 50%. This is probably the most impressive rise of a cryptocurrency in the top ranks since the big market correction. Only Avalanche can show similar profits. Most Alt-Coins have been struggling with heavy losses lately.

What does the cryptocurrency Terra do?

Terra is a project from South Korea and wants to replace the payment systems of banks or credit cards with blockchain-based channels. The Terra network uses stablecoins linked to fiat currencies, which are stabilized by the LUNA token. When a stablecoin is newly created, a LUNA token is burned at the same time.

As a cryptocurrency, Terra has a constantly growing ecosystem. In September, the network called Columbus-5 was upgraded. More than 60 projects are said to have started at Terra since then. The developers predict further explosive development of the entire ecosystem.

Why is the value of the LUNA token increasing?

As a cryptocurrency, Terra fulfills an important and much sought-after function. Replacing payment systems with the blockchain or carrying out payment processing via the blockchain is one of the original goals of cryptocurrencies. By binding and stabilizing on stablecoins, Terra offers an extremely innovative concept, which makes the adoption of Terra in the financial sector extremely easy.

The rise of Terra as a cryptocurrency also has to do with its own stablecoin TerraUSD (UST), which is now the fifth-largest stablecoin on the market. The UST scores mainly because of the fact that, unlike the tether, it is a decentralized stablecoin. In addition, over 100 projects have announced that they will be working with the Terra Ecosystem at the beginning of the year. 

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