LUNA reaches an all-time high of $106 as interest in Bitcoin investment grows

The Luna Foundation Guard has purchased $1.3 billion worth of BTC as of this writing, with plans to extend this to $3 billion in the near future.

Terra's LUNA token has surpassed $106.14 as a new all-time high.

The altcoin's value has increased by about 50% in the last month, and according to CoinMarketCap, it is now the eighth-largest cryptocurrency in the world.
Terra LUNA hits new all-time high after 100% rebound from 2022 lows —  Correction ahead? - reporterwings
It comes as speculation grows about efforts to back the UST stablecoin, which is based on Terra's blockchain, with billions of dollars worth of Bitcoin.

At the time of writing, the Luna Foundation Guard has purchased $1.3 billion worth of BTC, with plans to grow it to $3 billion in the near future and $10 billion in the long run.

On Monday alone, this wallet received 2,830 BTC, which is worth $135 million at current market values.

What is the UST Stablecoin?

The algorithmic stablecoin UST is supposed to be tied to the US dollar one-to-one, but it is not backed by fiat reserves. It's thought that adopting a Bitcoin standard will help the digital currency gain more stability.

On Wednesday, LUNA was by far the greatest performer among the top ten cryptocurrencies by market cap, up 10% in the last 24 hours.

Over this era, Bitcoin, Binance Coin, and XRP have remained essentially unchanged, but Ether has grown 3.33 percent as it approaches $3,500.

Do Kwon, one of the co-founders of the Terra blockchain company, told Bloomberg News earlier this month:

"The reason why we are particularly interested in Bitcoin is because we believe that is the strongest digital reserve asset. UST is going to be the first internet native currency that implements the Bitcoin standard as part of its monetary policy."

LUNA debuted in the summer of 2019 and hit an all-time low of $0.12 in March of the following year.

This indicates that the altcoin has increased by 86,000 percent in the last two years.

In other news, Bitcoin momentarily surpassed $48,000 on Monday night, signaling that this price is a critical level of barrier that prevents bulls from making further gains.

The total market capitalization of all cryptocurrencies has surpassed $2 trillion for the first time in over a month, thanks to renewed investor optimism.


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