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Crypto Market Wrap: LUNA2 defies altcoin prices, continues to rise

By Monte Stewart


Updated

Image of the word crypto and gold bars on graph
LUNA2 defied altcoin prices Monday by continuing to rise -- a month after appearing to be dead in the water. - Photo: Getty Images

LUNA2 defied altcoin price trends Monday and continued to surge – a month after appearing to be dead in the water.

All top altcoins – with the exception of those that are stablecoins pegged to the US dollar – and most others fell Monday along with bitcoin as the cryptocurrency market waged its ongoing battle with macroeconomic factors and a general sell-off that has been prevalent since January.

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LUNA2 to USD

Double-digit gain

According to CoinMarketCap data. LUNA2 enjoyed a double-digit percentage gain Monday. The altcoin’s price  has been exploding for more than a week as the crypto sector faces severe disruption as several companies battle financial problems.

At the end of May, LUNA2 appeared to be dead in the water almost right after being conceived from the collapses of the original luna and its related terraUSD stablecoin, which became depegged from the US dollar.

SOL to USD

New question being asked

While bitcoin (BTC) and leading altcoin prices rode a roller coaster at times, LUNA2 has soared as investors appear eager to capitalize on its low price.

A month ago, the question about LUNA2 appeared to be: How low can it go? But now, the opposite appears to be the case and investors are wondering how high it can rise seemingly without stable backing.

BTC/USD

67,572.55 Price
-0.190% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.14 Price
-2.130% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.61 Price
+1.950% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

179.94 Price
-1.860% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

USDC to USD

Solend tried to beach whale

Speaking of things seemingly dead in the water, Solend tried last week to take over a whale – i.e. a large investor – to avoid taking a large financial hit. The investor appeared to be in danger of defaulting on a $108m US dollar coin (USDC) loan and tether (USDT).

The loan was collateralized with SOL, which was in danger of being liquidated if its price fell to $22.30, Solend said.

USDT to USD

 

Celsius Network coin well down

Meanwhile, another troubled cryptocurrency, the Celsius Network coin (CEL) was well down. CEL has risen and fallen sharply since the network froze withdrawals as it deals with financial difficulties tied in part to the original luna’s collapse.

According to Fortune, investment firm Goldman Sachs is looking to raise $2bn (£1.63) from its investors to buy Celsius Network.

Markets in this article

LUNA2/USD
LUNA2.0 to USD
0.4424 USD
-0.0172 -3.840%
SOL/USD
Solana / USD
179.9410 USD
-3.3951 -1.860%

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
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