The article below is a submitted piece and is not the responsibility of Crypto Insider. This is not financial advice.
The past two weeks have been an extreme bear market for crypto, with the industry’s total market value falling as low as $ 1.1 trillion for the first time since July 2021. Terra (LUNA) was once ranked among the 10 most valuable cryptocurrencies on the market and had one all time high price of $ 119.5. But on May 11, the price of the asset had lost about 99% of its value and dropped from $ 75 to $ 0.00005 in five days. With unexpectedly large fluctuations, the price recovered more than 1000% on May 14, and LUNA is currently trading at a price of $ 0.000144.
What’s next for Luna?
Cryptoanalyst WalletInvestor still describes LUNA as a “major investment” and predicts that the cryptocurrency will bullish will see growth. The token is expected to exceed $ 50 by November 2022.
However, DigitalCoinPrice does not believe that LUNA will ever exceed $ 1 again. The crypto forecaster says LUNA will remain at an average price of $ 0.0002 this year. Even in 2025, LUNA is only expected to increase marginally to an average price of $ 0.0003. A price increase to $ 0.0009 is then expected in 2031. At the same time, the long-term future of LUNA does not look optimistic either. PricePrediction’s price forecast for LUNA suggests that a setback is unlikely.
What contributes to Luna’s decline?
Unlike Tether’s USDT or Circle’s USDC, which are supported by fiat money or similar assets, TerraUSD (UST) is designed to maintain the point through a mathematical algorithm and active trading. Recently, UST has been “decoupled” from its $ 1 value due to a massive Anchor drain that has created strong sales pressure.
Because UST and LUNA are associated with a so-called on chain mint and burn mechanism, led the huge Map to sharp declines in both UST and its sister token LUNA. Then the interruption happened. When traders realized that $ 1 in LUNA was no longer $ 1 in UST, they became insolvent. As a result, LUNA crashed 98% and the crypto lost most of its market value.
A problem with public trust in Altcoins?
In light of the huge bear market, Terra’s team is considering what to do to restore LUNA, but is it still possible? This is extremely difficult to do as it requires a lot of public attention and finances to get the project started again.
The team needs the community’s trust to give them another chance, but the community is tired of the project due to the massive loss of funds. In fact, there is more confidence in mainstream crypto. Mainstream crypto (BTC, ETH, etc.) have shown stronger anti-risk capabilities to deal with market turmoil. I think many crypto-beginners in the meantime will have headaches from the complicated mechanics and games on some platforms. The Bexplus crypto exchange is therefore ideal for beginners. Thanks to Bexplus’ professional copy-trade features, beginners can quickly grow up to become veterans and earn their own profits in the crypto market.
Copy-Trading: The best features of Bexplus designed for beginners
Copy trading from Bexplus gives any investor who has just entered the market the opportunity to become a veteran. It allows you to copy investments from experienced people to make excellent trading money for you. With copy trading from Bexplus you can too order† take profits and stop tab and close the copy trade at any time. Veterans can also earn some benefits through followers. It is a win-win strategy for both the veteran and the beginner.
Bexplus – the most beginner-friendly crypto-trading platform
Bexplus, a reputable cryptocurrency trading platform accredited by the US FinCEN MSB (Money Services Business), offers 100x leverage futures on various trading pairs such as BTC, ETH, ADA, DOGE and XRP. Meanwhile, the platform does not require KYC and is popular with 1 million people worldwide. The platform is also known for the following features.
- 100x leverage to maximize ROI as quickly as possible.
- 100% deposit bonus allows you to double your position to make more money.
- Demo account with 10 BTC for traders to become familiar with leverage.
- A bitcoin wallet with an annual interest rate of up to 21%.
- No KYC requirement, registration with email confirmation in minutes.
- Intuitive and complete app in the Apple App Store and Google Play.
- 7/24 hours one-on-one service to solve your problems at any time.
- Fast payout with no time limit and no deposit.
Ordinary cryptocurrencies will never fall. In terms of anti-risk capability or volatility, mainstream crypto has incomparable advantages. Bexplus offers tools with the highest profit margins so that every trader can get their own maximum profit. Click here to register now and receive your 100% bonus!
The above article is a submitted piece and is not the responsibility of Crypto Insider. This is not financial advice.