After its stablecoin lost its currency peg to the USD, Terra entered a downward spiral. The tendency continues today, even more prominently than yesterday, when LUNA “only” lost half of its value.
Terra had dropped to #14 on Coinmarketcap, but today, it is all the way down to #29. Is it time to buy the dip before it’s too late?
If you want to know more about Terra, can it give you good returns, and the top places to buy Terra now, you’ve come to the right place.
Top places to buy Terra now
Kraken
Kraken is a San Francisco-based cryptocurrency exchange that allows users to trade various digital currencies. With a strong emphasis on security, Kraken employs cold storage for most funds and offers two-factor authentication (2FA). Its user-friendly interface provides real-time charts and order books, making it suitable for both beginners and experienced traders. Kraken also complies with regulatory requirements in the jurisdictions where it operates.
Uphold
Uphold is a global digital money platform that offers financial services. It deals with 250+ currencies (both traditional and crypto) and commodities, facilitating more than US$4 billion in transactions. Uphold’s vision is to create a future where everyone has access to safe, transparent, fair, and affordable financial services
What is Terra?
Terra tried to set itself apart through its use of fiat-pegged stablecoins, claiming it combined the borderless benefits of cryptocurrencies with the day-to-day price stability of fiat currencies.
This is a reliable strategy, only its stablecoin UST lost its peg, which is why all this happened. The stablecoin was actually not backed.
The algorithm that was said to adjust stablecoin supply based on demand did not help. It gave LUNA holders an incentive to swap LUNA and stablecoins at profitable exchange rates to either expand or contract the stablecoin supply to match demand.
Currently, neither LUNA nor UST are in demand. Almost all leading exchanges have blocked withdrawals.
Should I buy Terra today?
Terra can definitely be worth investing in if your timing is right. It may not be now. If you believe it will recover, this is a risk you must take.
Any investment decision should take your risk tolerance into account. Don’t take any price predictions at face value.
Terra price prediction
Analysts remain bullish on Terra despite the drop. CryptoNewZ predicts it will trade between $78 and $85 per coin next year. Wallet Investor’s one-year price forecast is $151.
Coinpedia expects LUNA to trade between $132 and $257 at the end of next year. Gov Capital joins bulls with its price prediction of $166 in one year.
Terra on social media
Can we see luna at $4.9 🤨#LUNA #Cryptocrash #Terra pic.twitter.com/WVdBxKmJKl
— Hossain Raj $PARAM (@hossainraj16) May 10, 2022