The Terra price gains 75% in February as $2.57B in LUNA tokens removed from supply
The LUNA price has risen 75% to $ 91.50 a month since the UTC closed. In comparison, other top tokens, Per Bitcoin (BTC) and Ether (ETH) performed close to 12.25% and 9%, respectively, over the same period.
LUNA / USD vs. BTC / USD and ETH / USD price charts. Source: Trading View Interestingly, in February, the biggest benefits of LUNA came on the last day of the month. February 28 Terra tokens increased by 26%, part of which is due to a similar reversal elsewhere in the crypto market. On the same day, for example, BTC and ETH increased by more than 14.50% and 11.50%, respectively. Despite a positive 0.09 rate, the relationship between LUNA and the bitcoin ended after reaching 0.81 on February 21, according to Trading View data. The correlation of 1 means that the two assets are in lockstep, and 0 indicates that their value moves freely.
Terra's LUNA / BTC pair expressed their growing concern over cryptocurrency. In detail, the LUNA / BTC pair rose 56% to 21,171 satoshis in February, with traders looking for a hedge in Terra Token and Bitcoin's growing relationship with a declining stock market, which began earlier this year. I reached 0.70.
On February 22, the Luna Foundation Guard (LFG) - a non-profit organization supporting the Terra Blockchain ecosystem, announced. It has raised 1 1 billion in the LUNA Token Sale Round and is led by Three Arrows Capital, a venture capital firm backed by Ethereum-skeptic. Su Zhu and Jump Crypto, a trading group. Solana's cross-bridge platform Wormhole is known for helping to pay the stolen $ 300 million.
The announcement of LFG has increased the price of LUNA by almost 90%. And by contrast, the overall market capitalization of cryptocurrencies increased by only 13% during this period, indicating that crypto traders are entering the terra market every day.
What could be more for LUNA?
Terra's technical approach is the highest level of an ongoing "bill flag" breakout move.
Recourse: https://cointelegraph.com/news/terra-price-gains-75-in-february-as-2-57b-in-luna-tokens-removed-from-supply