After a broad market rally, the $ 100 milestone is approaching.
Terra is still trending up in the face of the resurgence of Layer 1 chains. ,, and are also showing strong rallies after a downtrend since early December.
Terra is aiming for $ 100
The Shift 1 season can return for a second round.
Several Layer 1 chains saw double-digit gains on Tuesday after a broader market rebound. Terra has led the way and has risen higher after a series of new all-time highs. The chain’s native LUNA token is approaching the $ 100 milestone, according to CoinGecko, hitting a high of $ 97.90 yesterday morning.
LUNA / USD price chart
As a result of Terra’s ongoing rally, the DeFi– The network’s ecosystem recently overtook Binance Smart Chain to become the second largest behind. Terras native Stablecoin has also overtaken MakrDAO’s token and is the largest decentralized stablecoin that exists.
Elsewhere, other layers 1 begin to recover. NEAR appears to have broken its downtrend and is up 22% in the past 24 hours (at the time of writing). Tuesday’s news that Terra partnered with NEAR to bring its UST stablecoin to the NEAR and Aurora ecosystems was likely the main catalyst for the surge.
Fantom was also up 13.3% over the course of the day. The FTM token has maintained its bullish momentum even though the Fantom DeFi Grim Finance project suffered a $ 30 million hack over the weekend.
Other base-layer blockchains such as Cosmos gained momentum on Wednesday. Like NEAR, the ATOM token appeared to have broken out of its downtrend in December, rising 11%. Osmosis, a decentralized exchange for IBC-linked coins on the Cosmos SDK, has seen a similar appreciation, up 10.6%, indicating a broader recovery for the Cosmos ecosystem.
Several more Layer 1s like and also look strong at the end of the year. However, it remains uncertain whether the current upward momentum can continue. Layer 1 chains performed well in August and September after recovering from their summer lows. When Bitcoin begins to go down, a similar downward move from layer 1 could follow.
Source: Crypto News Deutsch