It’s been a while now since Terra (LUNA) lost its value, especially since May after the currency collapsed. The effects of the network’s downfall were felt all over the crypto market with several assets losing their worth and crypto exchanges going bankrupt. Bitcoin, too, plunged to a low of $17,000.
At the time of publication, Terra (LUNA) is selling at $1.66 with a rise of 1.80% over the last 24hrs. It’s a known fact that most cryptocurrencies trade against Bitcoin (BTC) and so does Terra.
The chart above is of the LUNA/BTC pair. It suggests that Terra’s (LUNA) price is almost nil in trading at 0.00000001 SATs. Moreover, the Relative Strength Index has also dropped to zero.
Meanwhile, though LUNA is trading flat against bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile , the LUNA classic is still trading against BTC. At the moment, Terra Classic is valued at $0.00008995 after a surge of 2.04% in the last 24hrs.
On-chain analysis firm, Santiment, on June 27, pointed towards a transaction inflow that was worth $500 million. Back then the total market cap was at $1.25 billion
Terra (LUNA) To Follow BitTorrent ?
There was a similar sell-off experienced by BitTorrent tokens in August 2020. From mid-August 2020 to early January 2021, the bittorrent bittorrent Tech & Design (Software) Followers : 0 View profile firm also encountered a disputed news-related incident that sparked a selling craze. As the BTT token traded away at $0.00000001 SATs and the Relative Strength Index remained flat, market participants lost faith.
Furthermore, the market cap of the Bittorent token dropped to $272 million (50% of LUNA’s current market cap). However, in February 2021, Bittorent saw a massive one-day volume surge, which pushed the market cap to $1.18 billion. Following days of consolidation, the increase in volume served as the underlying reason for a 1,000% bull run in just 60 days.
Hence, if LUNA follows Bittorent, the currency is likely to climb towards $26, a whooping 1000% spike from the current price trend.