In the last week, Terra (LUNA) has reached a new all-time high, rising in tandem with the rest of the cryptocurrency market.
As a result of the digital assets price increase, it has left many investors speculating as to where it will trade by the end of the month. Specifically, the community at CoinMarketCap has estimated, with a historical accuracy rate of 72% and 3,010 votes, that Terra would trade at an average of $93.76 by the end of April 2022.
The price prediction indicates a -$23.61 (-20.12%) increase from the decentralized finance (DeFi) asset’s current worth.
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Likewise, the 1,298 votes from the community members for the end of May have set an even lower target than April’s – forecasting that the coin would trade at $92.30 on May 31.
The crypto community has historically predicted the price of LUNA with an accuracy rate of 71.95% based on estimates made over the last six months.
LUNA price analysis
As briefly mentioned, LUNA has recently hit a new all-time high at $119 on April 5. Currently, Terra is trading at $116.60, up 0.51% on the day and 9.83% in the last week, with a total market worth of $41.4 billion.
Notably, in the last month, the crypto asset has seen an influx of $11.9 billion, climbing from $29.5 billion on March 7 to $41.4 billion on April 6, helping LUNA climb to become the sixth-largest crypto asset by market capitalization, according to CoinMarketCap.
In response to the ongoing developments with Terra, which have helped it reach its latest high, Director at OKX, the world’s second-largest crypto exchange by spot trading volume, Lennix Lai, shared his thoughts with Finbold:
“As we speak, LUNA is the 6th biggest cryptocurrency with a market cap of over $40 billion. The surge in LUNA prices could be due to the positive market sentiment & the recent announcement of buying Bitcoin by Luna Foundation Guard which aims to create the largest Bitcoin reserve worth $10 billion.”
Lai discussed the benefit of Terra’s native stable coin UST and its effects on its price climb; he added:
“A recent announcement by Terra that its native stable coin UST has entered Ethereum’s Defi segment may have also contributed to the steep rise in LUNA value. It is important to note that Terra’s UST is one of the top decentralized stablecoin and is well integrated into the global payment system.”
Indeed, the address of Terra Foundation LFG transferred 231.4 million USDT to Binance, and will continue to buy Bitcoin according to the previous rules. LFG’s goal is to reach a Bitcoin reserve of $3 billion.
As things stand as of April 6, according to Wu Blockchain, the Terra Foundation LFG’s Bitcoin address has accumulated 3,964 Bitcoins, with a current balance of 34,691.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
