Terra UST takes over BUSD to become third largest stablecoin

Terra UST

became the third largest stablecoin by market value. According to

CoinGecko

, the market cap of the stablecoin Terra USD (UST) exceeded

Binace stablecoin

’s market cap of $17.4 billion (BUSD) on April 18, making Terra UST the third largest stablecoin with a market cap of $17.5 billion. Terra became the third-largest stablecoin after

Tether

(

USDT

) and USDC. Even though Terra became the third-largest stablecoin, its trading volume is very low, about 1/5th of BUSD. Trading volume is the sum total of actual trades taking place.

A look at the hike in price and market cap of Terra and market cap in recent times :
- The price of the native token of Terra network LUNA jumped 17 percent in the past 24 hours taking the price of Terra to as high as $92.07 during early Asian hours on April 18 according to CoinDesk.
- LUNA surpassed its previous limit of $80-$82 mark, a pivot support level, to reach $92.07.
- The hike in the market cap of Terra stablecoin comes after a nearly 37 percent decline in the first two weeks of April.
- Terra also attained an all time high price of $119.18 on April 5, 2022, according to CoinGecko.
- Terra is led by USDT with a market cap of $82.75 billion, and USDC with a market cap of $49.98 billion.
- After Terra became the third highest stablecoin, the cryptocurrency research firm Delphi Digital revealed on April 19, that the stablecoin also became the largest buyer of Convex’s CVX tokens with a purchase of over $17 million in purchases over the past 30 days.
- Besides this, in February, major crypto funds led by

Jump Crypto

invested $1 billion in the Luna Foundation Guard (LFG), a Singapore-based nonprofit that aims to maintain UST’s peg by purchasing several assets as reserve backing.
- UST’s total market cap has surged over 15% since last month to reach $17.5 billion on April 18, 2022 according to CoinGecko data.
- The current market cap of Terra is $31.71 billion, and the current price of UST is $89.57 according to CoinGecko.

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