The past week saw multiple changes in the cryptocurrency industry as prices fluctuated across the board. Even though Bitcoin moved past the $57,000 mark, altcoins failed to surmount a similar bullish charge. One of the altcoins suffering under the bear’s brunt was Terra [LUNA] after a good run of days that elevated it near the top 10 club.
At press time, Terra was trading for $36.4 with a total market cap of $14.54 billion. While the start of the month boosted the cryptocurrency’s performance on the charts, it still was not enough to sustain monthly gains. The daily trading volume fell to $1.18 billion even as user interest surged.
Entering the top 10 club has been an aim for the cryptocurrency even as developments take place on the network. Year to date, Terra has grown by 6922 percent after strong rallies in the second quarter. Terra’s rally could be attributed to its Columbus-5 network upgrade going last week.
The Columbus upgrade was seen as a marker by its ecosystem because of its connection to the stablecoin development. According to sources, the upgrade would better enable the TerraUSD ratio with the United States dollar. Some analysts have called Columbus a “huge and influential update” with the power to set the tone for the future.
A look at the investor sentiment further added to Terra’s lore. Despite the latest crash, the capital continued to enter the Terra market. The 4-digit growth in 2021 was a sign that the market was looking for more function and less flash. The Columbus upgrade’s ability to regulate the Luna supply is expected to be an important step in achieving that.