There have been many highs and lows in the cryptocurrency industry this year thanks to billionaire entrepreneurs and crackdowns by authorities in China and other countries. Given its tremendous volatility, the cryptocurrency market’s chaotic graph is not unusual. However, there have been several relatively unknown digital coins that have performed exceptionally well, with one of them – Terra – gaining 15,000 percent in just one year.
CoinMarketCap, a market research firm, reports that Terra has climbed into the top 10 list of digital coins. Now, Terra has a market capitalisation of $28.58 billion, far more than Dogecoin and Shiba Inu.
In the past 24 hours, Terra — which trades with the symbol LUNA — has gained another 11 per cent in value and is inching closer to overtaking Polkadot, which is just ahead of it in terms of market cap at $28.62 billion, from the ninth position.
Terra is one of the best-performing cryptocurrencies this year. A year ago, it was valued at less than half a dollar. On December 5, its value reached $77.94. On Thursday, it was trading at $75.13, rallying more than 15,000 per cent in the past year.
Cryptocurrency has a history of generating incredible returns. This is one of the major reasons why investors flock to the cryptocurrency market. But the crypto market is also ripe with unpredictability. If a coin rises unbelievably, it can also fall sharply, washing away all the gains in one shot. Financial experts advise due diligence in investing in the cryptocurrency market.
Daniel Shin and Do Kwon founded Terra in January 2018 as a way to drive the rapid adoption of blockchain technology and cryptocurrency. Terra launched its mainnet in April 2019. Now, it offers stablecoins pegged to the US dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies.