While the crypto market remains highly volatile amid the ongoing armed conflict between Russia and Ukraine, Terra (LUNA) swiftly moved against the crowd and surged by more than 70% over the past seven days.
At press time, LUNA was trading at $85.83, up 15.3% on the day, according to CryptoSlate data. On the weekly chart, however, the coin’s price surged by 71.9% since last Monday.
Consequently, the price hike has boosted LUNA’s market capitalization (the combined price of all its tokens currently in circulation) to nearly $32.1 billion, making it the seventh-largest crypto in the world.
Notably, Terra has outpaced both Cardano (ADA) and Solana (SOL)—now ranked 9th and 8th, respectively—on its way to the top.
Still, both coins are also showing positive results. At press time, ADA was trading at $0.9361, up 9.9% on the day. In its turn, SOL’s price reached $98.27, gaining 15.1% over the past 24 hours.
Crypto rebounds despite turmoil
As CryptoSlate reported, cryptocurrencies have recently taken the spotlight and are playing a significant role in helping to facilitate donations to beleaguered Ukraine.
For one, a new non-governmental organization created to support the Ukrainian army has already received 192.4 Bitcoin (BTC) from compassionate users—currently worth over $8 million.
Why should he have to pay hundreds of thousands in cap gains if it takes two minutes for them to create an address?
— joelaustin.eth (@carolousue) February 27, 2022
Yesterday, Gavin Wood, the founder of Polkadot, even promised to single-handedly donate $5 million to Ukraine if the country provides its DOT address.
While the move faced some criticism initially as some users accused Wood of “shilling” his project amid a tragedy, less critical commenters pointed out that Wood may want to avoid capital gains taxes by paying in DOT tokens.
In his turn, Ukraine’s Deputy Prime Minister Mykhailo Fedorov, who is apparently not satisfied with Russia’s SWIFT ban alone, called for crypto exchanges to also block all Russian addresses.
Since then, major exchanges Binance and Kraken have officially refused to do so—unless obliged legally. Perhaps it’s wasn’t such a great idea to demand bans from the community focused on decentralization, transparency, and inclusion after all.
The post Terra (LUNA) gains 70% in 7 days, overtaking Cardano and Solana by market cap appeared first on CryptoSlate.
