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Terra rises by 4.13% amid fall of Bitcoin, Ethereum, other crypto coins

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The cryptocurrency market is currently down as Bitcoin, Ethereum, Dogecoin, and many other stablecoins continue their slide unabated.

Bitcoin’s value has dropped by 0.58 percent to trade at $54,406 in the last 24 hours, according to coindesk crypto data.

Ethereum was sold at $4101 after depreciating by 0.57 percent while Solana declined by 3.55 percent to close at $191.09.

Dogecoin’s price slipped by 2.87 percent to trade at $0.200789 and XPR crashed by 2.45 percent to settle at $0.933365.

Polkadot was down by 5.20 percent to close at $53.77 while Litcoin declined by 3.04 percent to sell for $190.43.

READ ALSO: Bitcoin adoption in Nigeria falls 53.3% amid declining inflation

Amid the redline stretching across various crypto assets in the decentralized currency market, Terra Luna’s value increased by 4.31 percent to end trading at $45.80.

Terra’s market capitalization was estimated at $39.80 billion, compared to Bitcoin, Ethereum, and Solana, all of which were valued at $1.03 trillion, $479.20 billion, and $96.83 billion respectively.

Terra Luna is two tokens working side by side.

But Luna drives the value of Terra through the burning of the former by its users who are incentivized to take such action.

Terra is an open-source public blockchain protocol for algorithmic stable coins which is pegged to various fiat currencies such as Terra USD (US dollar) or Terra KRT (pegged to Korean Won). It also works in line with the basic market forces of supply and demand.

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