Terra (LUNA) surges by 11%, hitting a new all-time high of over $69

Updated: May 18

Terra, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems, hit a new all-time high of over $69 after surging by about 11%.

Terra Luna
Terra Luna | Image: Optimisus

On December 3, Terra went on bullish mode, skyrocketing to nearly $70 from trading around $60 on December 2. This bullish momentum has propelled the crypto, allowing it to surpass Avalanche (AVAX) and Shiba Inu (SHIB) and become the #11 largest crypto by market cap.

Launched in April 2019, Terra claims it combines the price stability and broad adoption of fiat currencies with the censorship resistance of the largest crypto Bitcoin (BTC) and offers fast and affordable settlements.

According to CoinMarketCap, Terra is trading at $69.14 with a 24-hour trading volume of $2,331,860,884. Not that the LUNA has a circulating supply of 387,618,299 LUNA coins, however, the maximum supply detail is not given.

For instance, Terra's native token, LUNA, is utilized to support the price of the protocol's stablecoins. Moreover, the team allows LUNA holders to submit and vote on governance proposals, giving it the functionality of a governance token.