Terra 2.0 (LUNA) Price Declines by 14% Amid Bearish Momentum for Crypto Markets

Bitcoin and Ethereum are again showing bearish momentum as BTC and ETH have lost 5% in the past 24 hours. Terra 2.0 (LUNA) is also down over 14%, currently trading at $4.31, dipping below $1 billion market capitalization with a current valuation of $912 million.

Major Stocks Plummet, Causing BTC and ETH Dips

As the market opened this Tuesday, major stocks like Target dive on profit warning and Tesla stock continue its slide. The market is nervous, and since Bitcoin and Ethereum are currently following the stock market’s price action, both cryptocurrencies also saw a few percent declines.

Bitcoin is currently hovering at the $29k level, while Ethereum is at the $1.7k mark, struggling to hold support.

Since Terra 2.0 (LUNA) is an altcoin at the end of the day, it’s bound to amplify Bitcoin and Ethereum’s price action. It is no surprise that LUNA is down over 14%, currently trading at $4.31.

Terra 2.0 (LUNA) Ecosystem Continues to Expand

The good news is that the Terra 2.0 (LUNA) ecosystem continues to expand as more dApps launch on the new chain or migrate from Terra Classic.

In addition to several projects that completed their integration with Terra 2.0 (LUNA) last week, today, Wicca Money, a permissionless launchpad, announced their launch on Terra 2.0.

1/ To empower the ecosystem ?, Wicca is the fastest and cheapest way to launch new projects on Terra 2.0 and mitigate risk for investors ? pic.twitter.com/FR6chXRhRc

— Wicca Money ? on Terra 2.0 (@Wicca_money) June 7, 2022

Wicca Money describes itself as a phoenix that was reborn from the ashes. To onboard thousands of projects on the ecosystem, Wicca Money creates infrastructure for anyone launching tokens to raise funds efficiently and protect investors by ensuring the liquidity on the Decentralized Exchange.

If you’re part of the Terra 2.0 (LUNA) community and would like to launch a project, we recommend checking out Wicca Money.

Final Thoughts

The markets continue to trade sideways and remain volatile. The overall sentiment is still bearish as Bitcoin and Ethereum struggle to hold support.

As the LUNA ecosystem continues to expand, we can expect bullish momentum for LUNA, however, the short-term sentiment of Terra 2.0 is bearish as the cryptocurrency falls below the $1 billion market capitalization.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

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