LUNA Breaks All-Time High, Enters ‘Price Discovery’ Territory!

Terra (LUNA), one of the best performers among the altcoins, hit a new all-time-high (ATH) today at $23.32. This governance coin built on the Terra blockchain had an impressive growth of 17,677% since last March.

Now, after hitting ATH, it has entered a so-called “price discovery” territory. We’re excited to see where the price will go once this level gets confirmed as support.

While alts are rallying, Bitcoin’s (BTC, Tech/Adoption Grade “A-”) dominance continues to decline. It has dropped from 49% to 44% in August since the prices of altcoins were growing at a higher rate. Altcoins are rallying and they will safely continue to do so as long as Bitcoin remains above the $45,000 support level.

The TradingView Market Cap BTC Dominance chart shows that BTC dominance now stands a little above 44%. The dominance level to watch is around 40%, where alts may hit resistance.

Sideways price action of Bitcoin would actually be the best news for alts, as they tend to rally while Bitcoin price is stagnant.

That said,Bitcoin is growing. Momentum is quite bullish and, if nothing unexpected happens, we may see BTC nearing $52,000 soon, with recent prices near $46,715.

And we are not the only ones feeling bullish right now. Miners have been accumulating (not selling) Bitcoin for over five weeks, which means they expect the price to grow further.

Ethereum (ETH, Tech/Adoption Grade “A”) currently trades at $3,274 and its chart looks even better than Bitcoin’s. In fact, all alts look extremely bullish, but their price will be dependent on how Bitcoin behaves.

Notable News, Notes and Tweets

•  Walmart Inc. (NYSE: WMT) is looking for a crypto product lead. The job ad was released weeks after rumors swirled that Walmart rival Amazon.com Inc. (Nasdaq: AMZN) was poised to make a big entrance into the crypto market. Amazon has its own job ad running for a digital currency and blockchain product lead.

•  “Decentralized governance is necessary, but coin voting governance in its current form has many acknowledged and unacknowledged dangers,” Vitalik Butarin, founder of Ethereum, wrote in a blog post related to this topic.

•  Pudgy Penguins (currently popular NFTs) can be seen on a billboard in Kuala Lumpur. Cute, popular NFT projects, or “jpegs” as the crypto crowd calls them, are exiting crypto wallets to be shown in the real world with increasing frequency.

What’s Next

We seem to be entering the bullish “crypto adoption race” if news about Walmart vs. Amazon is anything to go by. 

Also, new crypto projects have again entered the phase where they get eaten up like ice cream on a summer day, if not faster. An excellent example is BitDAO (BIT), a project that raised $200 million in five minutes!

And The NFT craze is still in full speed. Popular NFT projects are causing Ethereum gas spikes as thousands of NFTs are being sold in just few seconds after launch. Bored Monkeys reached an incredible average price of 24 ETH ($78,000) a few days ago, while their average price now stands at 20 ETH ($65,000). That’s over sixfold growth since the beginning of July.

Hold your seats; the crypto market is starting to get exciting.

Best,

Marija

About the Contributor

Marija holds a bachelor’s degree in business from the London School of Economics, a master’s in banking from the University of Business Studies of Bosnia and Herzegovina, and is a PhD candidate at the same institution. She specializes in smaller, up-and-coming crypto projects and crypto income strategies.

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