• Terra Luna price action has largely been following the trend set by the big crypto Bitcoin.
• The global crypto market capitalization is at $811.03B, a 1% decrease over the last day, according to data from CoinMarketCap.
• Stablecoins still take up 3 of the top positions with Tether (USDT), USD Coin (USDT) and Binance USD (BUSD) in 3rd, 4th and 7th positions respectively.
The crypto market has been in a state of flux lately with the prices of digital assets fluctuating by the day. Bitcoin, the world’s largest cryptocurrency by market capitalization has been at the forefront of this volatility as it continues to move within the $16,000 – $17,000 range, testing the $16,700 support and $17,000 resistance levels. At the time of writing, Bitcoin is down by 0.47% in the last 24 hours with a trading volume of $14.4 billion over the same time frame. Ethereum, the second largest crypto by market capitalization is also flashing red at $1,243, down 0.7% on the day. Ethereum’s 24-hour trading volume stands at $3.78 billion with a live market capitalization of $152 billion.
The overall global crypto market capitalization is at $811.03B, a 1% decrease over the last day, according to data from CoinMarketCap. The total crypto market volume over the last 24 hours is $27.62B, which represents a 10.24% decrease. This is an indication that market participants are risk averse, preferring to have their holdings in stablecoins which are not so much affected by extreme price volatilities. Stablecoins still take up 3 of the top positions with Tether (USDT), USD Coin (USDT) and Binance USD (BUSD) in 3rd, 4th and 7th positions respectively.
The price of Terra Luna, one of the top cryptos by market capitalization, has largely been following the trend set by Bitcoin. This means that the future of Terra Luna largely depends on the performance of Bitcoin. If Bitcoin prices continue to remain volatile, it is likely that Terra Luna prices will remain largely volatile as well. However, investors remain hopeful that the value of these digital assets will improve in 2023, pushing the total market value to new heights.