The growing demand for UST caused the LUNA price to hit an all-time high this month, and after upgrading Columbus 5, it could easily reach another
Terra (LUNA) has defied the downtrend that prevails in the rest of the crypto market, gaining 1.5% in the last 24 hours. With a major upgrade due at the end of the month that will allow the expansion of the Terra ecosystem, the LUNA course could be on its way to the Moon.
How and where to buy Terra in Germany and elsewhere
With the ever-growing selection of places to buy and trade cryptocurrencies, it can be difficult to know where to turn, but regulated brokers and exchanges are by far the easiest and safest to use. To save you from sifting through hundreds of options, just check out two of the best crypto platforms below.
eToro is one of the leading trading platforms for investing in crypto assets. Packed with features including copy trading, advanced technical charts and a range of trading tools, eToro’s platform is suitable for beginners and professionals alike.
Buy LUNA now at eToro
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the largest cryptocurrency exchanges on the market.
Buy LUNA now at Binance
What is Terra?
Terra is a delegated proof-of-stake blockchain platform that offers fiat-pegged stablecoins, using their native LUNA token to stabilize their prices. TerraUSD (UST) is rapidly becoming one of the most popular stablecoins, especially as many are looking for alternatives to USDT due to various negative news about Tether.
The issuance of UST requires the burning of LUNA, which means that the growth of the UST supply has had a very positive effect on the LUNA course.
The Terra ecosystem includes some promising projects such as Anchor and Mirror Protocol. However, the number of Terra protocols has so far been limited by a lack of scalability. This will change with the introduction of the Columbus 5 upgrade, which brings new features and scalability to enable dozens of new applications.
Should I buy LUNA today?
LUNA is currently trading at about $ 34, about 26% below its all-time high recorded earlier this month. However, the Relative Strength Index (RSI) above 50 on the daily chart indicates that LUNA is still in bullish territory.
LUNA / USD Daily Chart. Source: Trading View
The Columbus 5 upgrade is scheduled to go live at the end of the month and will bring a lot of economic activity to the ecosystem, as many projects are already ready to be deployed on Terra. New projects that use UST also mean more demand for the stablecoin and therefore more LUNA that will be burned.
All this should have a very positive impact on the LUNA price in October, which could easily surpass its previous all-time high and move towards the psychological mark of $ 50.