Crypto currencies have been having something of a great time in the market. Not only have they been increasing rapidly over the last few weeks, but they are doing so rapidly. But the market is very unpredictable and falling or rising in price is just normal for the industry. Even when the coins have been going great for some time, they can suddenly plummet.
And that has been the case with Terra, as it falls by a staggering 7% in the last 24 hours. But unlike other cryptocurrencies that have been doing good and suddenly drop, unfortunately Terra has been on a downward trend. Over the past week, it has lost a total of 5% of its total value. And if you were to add the fall from today as well, Terra has lost 12% of its value in less than a week.
That sort of fall can mean bad things for Terra, especially in a market that is as competitive as crypto. Of course, the price falling is a symptom of a larger problem behind the scenes. And behind the curtain, Terra has been trading quite poorly overall. Its most recent trading volume fell to 36%, making it fall from grace.
Other than the trading volume, supply for the coin has also greatly decreased by 0.89%. With that sort of percentage decrease, the circulating supply is now at $401.71 million.
But despite the many pitfalls that it has faced, terra is still one of the biggest cryptocurrencies in the market. More specifically, they are the 12th biggest cryptocurrency in the market according to total cap. Their total market capitalization stands at over $14 billion.
As one of the biggest players in the game, Luna is certainly not going to disappear overnight. Instead, people are optimistic that Luna could bounce back to its former place of glory. Even though it has been facing plenty of hardships over the past week, its market cap has not seen much of a decline. Therefore, it is possible for it to recover from its slump within the next few days.
Since activists throughout the world have been complaining about the very serious issue of crypto mining’s carbon footprint, many people have tried to stray away from cryptocurrencies. Countries like China have even been cracking down on mining in its country, although people are more skeptical for their reasons.
Even Elon Musk has acknowledged that Bitcoin’s carbon footprint is a very serious problem. Soon after making this statement, Musk made the announcement that Tesla will not be accepting Bitcoin as a form of online payment.