Terra’s UST stablecoin has surpassed Binance USD (BUSD) to become the third-largest stablecoin by market cap.
The cryptocurrency market has performed well over the past 24 hours. After a poor start to the week, the broader market has seen its value increase by more than 4% in the past few hours.
The excellent performance sees the broader cryptocurrency market cap rally towards the $1.9 trillion mark again. Bitcoin is trading above $40k after declining towards the $37k support level yesterday.
Ether is also trading above $3,000 again after briefly dropping to $2,800 earlier this week. However, LUNA, the native token of the Terra ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap.
LUNA is up by more than 16% in the last 24 hours, outperforming the other major cryptocurrencies in the process.
The ongoing rally is fueled by UST’s latest milestone. UST is the stablecoin backed by the Terra ecosystem. According to the latest data, UST has now become the third-largest stablecoin by market cap.
UST’s market cap now stands at $17.5 billion, surpassing BUSD ($17.3 billion) a few hours ago. UST has grown by more than 1,000% over the past year, making it the fastest-growing stablecoin in the crypto market.
Key levels to watch
The LUNA/USD 4-hour chart is the most bullish amongst the top 10 cryptocurrencies by market cap. At press time, LUNA is trading at $89 per coin.
The MACD line crossed the neutral zone a few hours ago, indicating strong bullish momentum. The 14-day RSI of 61 shows that LUNA could be heading to the overbought territory if the rally continues.
If the bulls remain in charge, LUNA could surpass the first major resistance level at $95 before the end of the day. However, it would need the support of the broader market to move past the $100 mark for the second time this month.