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While the crypto market remains highly volatile due to the ongoing armed conflict between Russia and Ukraine, Terra (LUNA) has surged by more than 70% in the last seven days.
According to CryptoSlate data, LUNA was trading at $85.83 at press time, up 15.3 percent on the day. However, on a weekly basis, the coin’s price has increased by 71.9 percent since last Monday.
As a result of the price increase, LUNA’s market capitalization (the sum of all its tokens currently in circulation) has risen to nearly $32.1 billion, making it the world’s seventh-largest cryptocurrency. Notably, Terra has surpassed both Cardano (ADA) and Solana (SOL), which are now ranked 9th and 8th, on its way to the top.
Nonetheless, both coins are performing well. At the time of publication, ADA was trading at $0.9361, up 9.9 percent on the day. In turn, SOL’s price has risen 15.1 percent in the last 24 hours to $98.27.
Despite the turmoil, cryptocurrency is rebounding.
As CryptoSlate reported, cryptocurrencies have recently risen to prominence and are playing an important role in facilitating donations to beleaguered Ukraine.
For example, a new non-governmental organization established to support the Ukrainian army has already received 192.4 Bitcoin (BTC) from generous users, which is currently worth more than $8 million.
Gavin Wood, the creator of Polkadot, even vowed to contribute $5 million to Ukraine if the nation provided its DOT address yesterday.
While some users accused Wood of “shilling” his enterprise in the midst of a tragedy, less harsh comments pointed out that Wood may desire to avoid capital gains taxes by paying in DOT tokens.
Ukraine’s Deputy Prime Minister Mykhailo Fedorov, who evidently isn’t pleased with Russia’s SWIFT ban alone, has demanded for crypto exchanges to block all Russian addresses as well.
Since then, prominent exchanges Binance and Kraken have publicly refused to do so until legally required. Perhaps demanding bans from a community centered on decentralization, transparency, and inclusivity wasn’t such a bad idea after all.
