A crypto strategist who is widely followed in the crypto community, Ethereum rival despite the ongoing correction in the crypto market Terra (Luna) He says it’s on an upward trend.
The analyst, known by the alias The Crypto Dog, told his 736,200 Twitter followers that it was only a matter of time before decentralized finance (DeFi) payments network Terra hits all-time highs (ATH).
“Once BTC calms down, LUNA will clearly hit all-time highs. Most [altcoin’in] The chart looks pretty bad. This is not one of them.”
Terra is down more than 2 percent in the last 24 hours, trading at $80.73 at the time of writing.
Crypto Dog’s forecast follows the fact that Terra’s ecosystem continues to show strong fundamental signs of growth despite the downturn in the crypto markets.
Data from DeFi Llama, a decentralized finance (DeFi) monitoring platform, shows that total value locked (TVL) on Terra has exploded by nearly 12 percent in the past seven days and more than 55 percent in the last month.
A blockchain’s TVL represents the total capital held in the platform’s smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
At the time of writing, Terra appears to be the second-largest blockchain in terms of total value locked with a TVL of $22.01 billion, which is nearly 9 percent lower than the all-time high of $23.5 billion, according to DeFi Llama.
Earlier this month, the dollar value of all cryptos staked on Terra had surpassed $30.20 billion, briefly outpacing its rival Ethereum (ETH).
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.