Terra (LUNA) Hits 5-Week Peak; Bitcoin Rejected at $40,000

Bitcoin fails to overcome the $40,000 mark, as LUNA’s extended upswing had the alt touching a five-week peak.

Bitcoin lost nearly $2,000 after failure to overpower the $40,000 mark yesterday. However, the world’s leading currency slightly recovered the losses. Most alts remain calm on the daily timeframe. Meanwhile, Terra surged to new record peaks.

Bitcoin Steadies at $39,000

The crypto space saw massive volatility over the previous several days. Also, other financial markets saw declines as Europe endured a geopolitical crisis since 1945. Russia kicked off its military operation in Ukraine after weeks of continued tensions. Such developments sent most markets in turmoil.

Bitcoin plummeted from $39K to the lows of $34K. However, the US and other nations reassuring sanctions and not a war against Russia had the assets going north. The following day saw Bitcoin regaining its lost value. Moreover, BTC tried to challenge $40k yesterday but failed.

The resulting rejection saw the altcoin retracing towards $38K again. However, BTC rebounded once against, currently exploring levels of $39K. That had Bitcoin’s market cap closing at $750 billion.

Alts Stall: Terra Hits 5-Week Peak

Most altcoins saw enhanced price reaction as Bitcoin fluctuated over the week. Volatility within the past few days had Ethereum plunging towards $2,200. However, the 2nd-largest crypto recovered to settle near $2,750 at this publication.

Binance Coin, Avalanche, Cardano, Dogecoin, and Polkadot hover up. Terra leads today’s gainers, adding another 4% to touch new records peaks of $75. Meanwhile, Shiba Inu, Ripple, and Solana lost some ground yesterday. Mid- and lower-cap alts stalled while the crypto market capitalizations noted slight surges to $1.8 trillion.

LUNA’s latest gains saw the altcoin climbing to 8th position, its market value hovering at $28.8 billion. That way, Terra surpasses Solana as SOL ranks 9th. Meanwhile, another Ethereum killer Cardano stays at the 7th spot, with a $30 billion market cap.

LUNA stayed 57.46% within the past week, outperforming most assets within the crypto space. The alt climbed to the highs of $79 early on Sunday before losing some gains. For now, the crypto atmosphere flashes bullish signals.

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