In the meantime, Ethereum exceeded $1,900 dollarsalthough it is still trailing the falls of last week, due to fears that the work for the change of protocol in its namesake blockchain is not going as well as the market expects.
The new cryptocurrency developed by Do Know fluctuates between $4 and $30. The new digital currency has begun to be listed on most crypto exchanges, but its price has experienced a roller coaster ride on almost all of them. This Monday, the price is stable around $6, according to data from CoinMarketCap.
CoinMarketCap data reveals that the cryptocurrency generated about 230 million dollars in trading volume in the last 24 hours. As ‘CryptoPotato’ reported yesterday, Terra 2.0 was released with the support of many platforms. LUNA holders have already started receiving the new ‘cryptos’ through the ‘airdrop’ mechanism, by which they receive as many new tokens as they own old ones.
“The launch of Terra 2.0 is an essential event for the industry after the massive collapse of Terra 1.0. It will be incredibly difficult for traders to believe in Terra 2.0, but speculators will keep a close eye on its pricecomments Naeem Aslam, Analyst at Avatrade. “Crypto traders were badly burned during the fall of Terra, and it’s not going to be easy for its creator, Do Kwon, to win the community back,” he added.
These events have affected the price of the rest of the tokens, which leave advances of around 5%, with the total market capitalization at 1.27 billion.
“Traders are keeping an eye on the correlation of cryptocurrencies with the stock market. Over the past week, we saw higher moves in the stock market, but we did not see the same enthusiasm in the cryptocurrency market, which means that the correlation between the two is under threat,” Aslam commented.
More cryptocurrency news
The crypto winter has already entered the ninth week: how much longer will it last?
The fall of Bitcoin drags El Salvador’s bonds to historical lows
Does the fall of cryptocurrencies pose a threat to the financial system?
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
