Terra Reaches All-Time High, Can It Make You Rich in 2022?

Terra has reached ATH for the second time in 2022. But does it have the potential to make you rich?

Terra LUNA token has set a new All-Time High in the crypto market today. This happened after the project's CEO confirmed that it had bought more than US$1 billion worth of Bitcoin since January.

Current Status: A Race towards US$200

The current price for Terra is US$106.56 with a 24-hour trading volume of US$3.33B. LUNA's price is up 1.37% in the last 24 hours. Today, Terra's all-time high is US$109.26. The price for Terra needs to rise 2.53% to reach a new all-time high. It has a circulating supply of 355.33M LUNA with a total supply of 752.4M LUNA.

As the LUNA Foundation Guard (LFG) continues to buy Bitcoin for its long-term target of US$10 billion, that could lead to an increase in demand for UST. Thus, moving LUNA tokens out of active supply could also increase the price of LUNA. Moreover, analysts believe the increase in buying pressure could result in the price reaching the next level of US$122. As the sentiment surrounding the LUNA price movement grows, the price could also increase with more double-digit gains. This is leading the analysts to predict that 2022 may see Tera reach a price of US$200. 

Terra (LUNA) is one of the most active cryptocurrencies that took the crypto world by storm this year. To be specific,  the crypto was able to achieve an all-time-high price of US$103.03 on December 27, 2021and now it has done it again. This amazing performance of Terra enables the network to attract crypto investors around the world. Among the cryptocurrencies that are rallying this year, LUNA is perhaps one of the most surprising for some. It is not directly related to Bitcoin, nor is it the most hyped cryptocurrency today. But for those that are aware, LUNA has been around since 2019.

A Recap on the Basics

Terra is a blockchain protocol that utilized fiat-pegged stablecoins in order to offer price-stable global payments systems. As per the white paper, Terra joins the price stability and huge adoption of fiat money with the censorship-resistance of Bitcoin (BTC) and provides fast and affordable settlements. Moreover, the development of Terra started in January 2018, and it officially started in April 2019. As of September 2020, it provides stablecoins pegged to the USD, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies and it intends to roll out additional choices. In addition, Terra's native token, LUNA, is utilized to stabilize the price of the protocol's stablecoins. More so, the LUNA holders are also able to submit and vote on governance proposals.