Crypto Market Rallies as Terra Buys 2,830 Bitcoin (BTC) worth $133M

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Altcoins
Crypto Market Rallies as Terra Buys 2,830 Bitcoin (BTC) worth $133M

The Terra Foundation has added 2,830 BTC (about $133.5 million) to its holdings, reaching the $10B in BTC milestone. Earlier on, OKLink discovered the Terra foundation’s Bitcoin wallet address, which has about $1.3B worth of Bitcoin. Currently, the amount of BTC in the wallet totals 27,784.96 BTC as it trades around $47,000.

Luna Foundation is Sticking to its Goal

On March 14,  the co-founder of Terraform Labs Do Kwon, revealed that TerraUSD, would have amassed enough reserves to support $10B in bitcoin. Terra started to accumulate Bitcoin. The Luna Foundation Guard can then use its reserve to defend UST from downward pressure.

Luna Foundation Guard’s wallet has reached 29 transactions per week. The largest completed transaction was 8,588 BTC out of the 42 transactions. Terra is following its plans to keep purchasing. So far, it has raised $1 billion from venture capital firms. Its CEO also said that the company plans to acquire over $3 billion worth of Bitcoin soon.

In the previous 24 hours, the price of Terra (LUNA) has grown by more than 5%. Luna was priced at $101.52 at the time of publication. The coin’s 24-trading volume of $1,424,923,903 is also 50%. Luna is currently the ninth-largest cryptocurrency, with a market cap of $33.8 billion.

Ethereum Merge is Coming

Ether, the native token of Ethereum, hit a two-and-a-half-month high of $3,350. Google Trends also showed a peak value of 100 for Ethereum search terms over the past 12 months. This can be attributed to the upcoming merge that will allow the transition of the Ethereum network from PoW to PoS.

The price of Ethereum created a demand zone, stretching from $2,820 to $2,966, before surging 18%. This move is now penetrating the daily supply zone, which ranges from $3,241 to $3,412, and will almost certainly meet some headwinds.

It is expected to test the 100-day SMA at around $3,051. However, if it sustains its upward momentum, it could reach the 200-day SMA at around $3,488.

Zilliqa is the Biggest Gainer

Zilliqa (ZIL) rose more than 150% last week and was the biggest gainer of the past week. The token associated with a blockchain that says it is the first to rely on a sharded network entirely is focused on high throughput and fast transactional speed.

Over the past nine months, Zilliqa has faced resistance at the $0.12-level. Its latest rally saw it surge above this level.

If ZIL closes below $0.1, it may test its demand zone before finding a testing point near its 20 EMA (red). Should the bulls fail to defend the immediate support after the most recent bearish divergence with its RSI, additional retracements might result in a setback to the $0.09-zone. At press time, ZIL was trading at $0.10358, up by 19.62% in the last 24 hours.

The State of the Crypto Market

FIL soared by 30% to begin the week as cryptocurrencies gained across the board during Monday’s session. On Monday, the worldwide crypto market value increased by 6.5 percent, led by advances in FIL, which reached an intraday high of $25.62. Today’s top comes after yesterday’s lows, when FIL was trading below the $20 mark, after previous recoveries from $17.50 support.

Solana has recaptured the eighth spot in the cryptocurrency top ten. Solana’s SOL token increased by 25.72 percent over the past week. According to statistics, SOL reached a monthly high of $113.18.

The ADA price has already hit $1.204 after increasing by 7.87 percent in the previous 24 hours, and a 34% increase over the past week. The moving average (MA) is now trading at $1.21 above the SMA 50 curve, indicating a positive trend.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.