Terra’s UST stablecoin has overtaken Binance USD (BUSD) to become the third largest stablecoin by market capitalization.
The cryptocurrency market has performed well over the past 24 hours. After a poor start to the week, the broader market has seen its value rise by over 4% in the past few hours.
The outstanding performance sees the broader cryptocurrency market cap again approaching the $1.9 trillion mark. Bitcoin is trading above $40k after falling to the $37k support level yesterday.
Ether is also trading above $3,000 after briefly falling to $2,800 earlier this week. However, LUNA, the native token of the Terra ecosystem, is the best performer among the top 10 cryptocurrencies by market cap.
LUNA is up over 16% in the past 24 hours, outperforming other major cryptocurrencies in the process.
The ongoing rally is inspired by UST’s latest milestone. UST is a stablecoin backed by the Terra ecosystem. According to the latest data, UST has now become the third largest stablecoin by market cap.
UST’s market cap now is $17.5 billion, surpassed BUSD ($17.3 billion) a few hours ago. UST has grown by over 1,000% over the past year, making it the fastest growing stablecoin in the crypto market.
prime level to watch
The LUNA/USD 4-hour chart is the fastest among the top 10 cryptocurrencies by market cap. As of press time, LUNA is trading at $89 per coin.
The MACD line crossed the neutral zone a few hours ago, indicating a strong bullish trend. The 14-day RSI of 61 suggests that Luna could move into an overbought zone if the rally continues.
If the bulls remain in charge, LUNA is likely to cross the first major resistance at $95 before the end of the day. However, it will need broad market support to cross the $100 mark for the second time this month.