Terra Luna 2.0 Price Up 46% As Bitcoin and Ethereum Show Significant Growth

2022/05/31 13:41

Cryptocurrency markets are starting to show bullish momentum as Bitcoin and Ethereum continue their pump for the second day in a row. After a relatively small gain of 11% yesterday, LUNA is up over 46% today, closing in on $10. Currently trading at $9.53, let’s look at any relevant news for Terra Luna 2.0 and see why the price is rising.

Terra Luna 2.0 Price Up 46%

As more exchanges announce support for LUNA 2.0, the cryptocurrency is starting to accumulate bullish momentum among traders.

In yesterday’s article on Terra Luna, Mark Arguinbaev from The VR Soldier mentioned that Binance will list Terra Luna 2.0 on May 31st in its innovation zone and open trading for LUNA/BUSD and LUNA/USDT trading pairs.

The recent Binance listing more than tripled the overall trading volume for LUNA 2.0 and contributed significantly to its growth over the past 24 hours.

In addition, the Bybit exchange announced a LUNA2USDT Perpetual Contract that will enable traders to trade LUNA 2.0 with leverage of up to 25X.

📣 Coming Soon: LUNA2USDT Perpetual Contract
✅ The LUNA2USDT Perpetual Contract is expected to go live on Bybit at 11AM UTC on May 31, 2022, with up to 25x leverage supported. Stay tuned! pic.twitter.com/Hm7vIZZSNm
— BYBIT 🦍 (@Bybit_Official) May 31, 2022

The Bybit announcement means even more trading volume and speculation for LUNA 2.0, which can amplify its current bullish momentum.

Moreover, since LUNA is an altcoin after all, and altcoins amplify BTC’s and ETH’s price movements since Bitcoin and Ethereum are showing significant price growth two days in a row, it only makes sense that LUNA continues its bullish price action.

LUNA is currently trading at $9.53, up over 46% in the past 24 hours. With a trading volume of $1.3 billion and a market capitalization closing in at $2 billion, LUNA isn’t showing any signs of slowing down.

KuCoin is still leading in trading volume based on the LUNA/USDT trading pair with $366 million. However, Binance has the highest trading volume for LUNA when looking at its USDT and BUSD trading pairs which account for over $585 million in trading volume over the past 24 hours.

Terra Classic (LUNC) Price Continues to Decline

On the flip side, the Terra Classic (LUNC) price is struggling this morning, as the cryptocurrency lost 16% in the past 24 hours.

Its market cap once again dipped below $1 billion, currently valued at $755 million with a declining 24-hour trading volume of $249 million.

With LUNA pumping, many traders are selling their LUNC tokens and buying LUNA instead.

Even if a significant portion of the Terra community might not agree with Do Kwon’s proposal, it’s clear that at this point, the winning token is LUNA. Especially since LUNA 2.0 almost doubled in price in the past 24 hours.

Moreover, unfortunately, major exchanges like Binance aren’t supporting LUNC, which further contributes to the lack of trading volume and the bearish momentum of LUNC.

Terra Classic is currently trading at $0.0001155, down over 16% in the past 24 hours.

Final Thoughts

As long as Bitcoin and Ethereum continue gaining momentum, we can expect LUNA 2.0 to amplify the crypto’s price action and rise in price.

However, as significant exchange listings have already happened, we can expect the trading volume for LUNA to start to decline later in the week, which could slow down its growth significantly.

At this point, it’s up to Do Kwon and the Terra community to continue to drive the market upwards and announce exciting news to keep the traders excited for LUNA 2.0. Whether in the form of new features, partnerships, or developments, depending on the plans the team and community decide for LUNA 2.0, for now, it seems the future is bright for the new token.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.