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LUNA rebounds as UST outperforms BUSD in market cap

 


Terra's UST stablecoin has outperformed Binance USD (BUSD) to become the third largest stablecoin by market cap.


The cryptocurrency market has performed well over the past 24 hours. After a weak start to the week, the broader market is up more than 4% in the last few hours.


The outstanding performance pushes the cryptocurrency's broader market cap back towards the $1.9 trillion mark. Bitcoin is trading above USD 40,000 after falling to the USD 37,000 support level yesterday.


Ether is also trading back above USD 3,000 after briefly falling to USD 2,800 earlier this week. However, LUNA, the native token of the Terra ecosystem, is the best performer among the top 10 cryptocurrencies by market cap.


LUNA is up more than 16% in the last 24 hours, outperforming the other major cryptocurrencies.


The ongoing rally is being fueled by UST's recent milestone. UST is the stablecoin powered by the Terra ecosystem. According to the latest data, UST has now become the third largest stablecoin by market cap.


UST's market cap is now $17.5 billion , beating BUSD ($17.3 billion) a few hours ago. UST has grown by more than 1,000% over the past year, making it the fastest growing stablecoin in the crypto market.


Important levels at a glance

The LUNA/USD 4 hour chart is the most optimistic among the top 10 cryptocurrencies by market cap. At the time of writing, LUNA is trading at $89 per coin.


The MACD line crossed the neutral zone a few hours ago, indicating strong bullish momentum. The 14-day RSI from 61 shows that LUNA could move into overbought territory if the rally continues.


If the bulls remain in power, LUNA could surpass the first major resistance level at USD 95 before the end of the day. However, it would need support from the broader market to break above $100 for the second time this month.

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