LUNA Exploded 25% As Volatility Looms Over The Market

LUNA exploded 25% with the crypto market going on a roller coaster ride in the past few days, spiked by the Russian invasion in Ukraine as we can see more in today’s latest altcoin news.

Bitcoin reminded me of the enhanced volatility in the past day or so after a huge price slump to over $34,000 and a fast recovery to above $38,000. Most other altcoins are also in the green on a daily scale after some strong retracement from a day ago. The not-so-boring days in the crypto space received furhter validation over the past few days and BTC for example, challenged the $39,000 before it started to lose value gradually after the Russian attack on Ukraine.

The decline intensified when Russia launched its special military operation against Ukraine which many see as a full-scale invasion. This led to a fast price reaction from BTC as the coin crashed by a few thousand dollars to a daily bottom of over $34,000.this became the lowest point for the asset since late January and surged the liquidations to about $500 million. Since then, after US President Joe Biden reassured that the country won’t take part in the conflict directly but the primary digital asset went on the offensive right away.

In just a few hours, BTC exploded by $5000 and neared $40,000 before it managed to retrace to the current level of around $38,000 so now BTC is up by 6.5% on the day and the market cap reclaimed the $700 billion positions. However, Luna leads the recovery. LUNA exploded 25% and the alternative coins experienced even bigger price drops yesterday but most of them are well in the green. Ethereum dumped all the way down to $2,200 but then recovered to $2,600 while Binance coin. Solana and Ripple all increased by 6%.

Cardano and Avalanche increased hand in hand by 7% and Polkadot increased by 10%. Terra stole the show among the larger cap altcoins with a 22% surge and LUNA now trades at $65. The crypto market cap is up by $150 billion since the low of yesterday and it is close to $1.7 trillion.

BTC rebounded after it crashed in the wake of the Russian-invoked war on Ukraine only two days ago. The price of BTC rebounded by 7% in the past 24 hours and recovered most of the lost ground in this week’s market crash. BTC sits at $38,192 or up by 7.02% on the day after plummeting to the lows of $35,000 earlier this week and reaching a 24-hour high of $38,930 before being rejected.