Terra (LUNA) Rising
In the past 24 hours, BTC began an upward swing after forming a double bottom pattern near the $45.5k support zone. As a result, BTC is now trading back above the $48k level as well as its 100-hourly moving average after seeing its price surge by around 5% in the past few hours. This upside momentum was foreshadowed by BTC’s network value to transaction (NVT) signal chart, which actually dipped into the oversold region prior to the price pump. If this momentum is sustained, BTC will likely move to test the $50k psychological barrier. Likewise, ETH also experienced a rally in the early hours of the morning, and is currently attempting to stabilize above the $4,000 level.
Other notable top-performers in the last 24 hours include AVAX and LUNA, with the latter looking well on track to extending its green streak this week. In fact, it even managed to achieve an all-time high price of $84 just this morning.
LUNA’s price movement is very much the function of an increased demand for UST, a stablecoin that is steadily becoming a force to be reckoned with. As a matter of fact, UST recently even overtook DAI as the fourth largest stablecoin by market cap. Even though DAI has since managed to reclaim its spot from UST, this is still definitely a sign of things to come, and constitutes a very bullish signal for UST indeed.
This rapid growth of UST and LUNA, the native token of the Terra blockchain, seems to be heavily driven by fresh capital inflows into the Terra ecosystem as well as the integration of UST into a multiplicity of other chains, and doesn’t seem to be stopping anytime soon.
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Record-breaking Year for Crypto
2021 will go down in history as a year that saw a record-breaking number of merger & acquisition (M&A) deals in the crypto space. In fact, more than 197 acquisition deals have already been closed in said space so far, a 131% increase from last year.
This surge in M&A deals can largely be attributed to the growing number of institutions that have begun to implement cryptocurrencies into their day-to-day operations, with industry giants like Mastercard and Robinhood very much leading the way in that regard.
