Growing demand for UST saw LUNA price hit an all-time high this month, and it could easily achieve another after the Columbus 5 upgrade
Terra (LUNA) has defied the downward trend prevalent in the rest of the crypto market by managing gains of 1.5% in the last 24 hours. With an important upgrade due at the end of the month which will enable the Terra ecosystem to expand, LUNA price could be headed for the moon.
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What is Terra?
Terra is a delegated Proof of Stake blockchain platform that offers fiat-pegged stablecoins, with its native LUNA token being used to stabilise their prices. TerraUSD (UST) is fast becoming one of the most popular stablecoins, especially as many look for alternatives to USDT, given various bits of negative news about Tether.
UST issuance requires the burning of LUNA, which means the growth of UST supply has been very positive for LUNA price.
The Terra ecosystem includes a few promising projects such as Anchor and Mirror Protocol. However, the number of Terra protocols has thus far been limited by a lack of scalability. This is set to change with the launch of the Columbus 5 upgrade, which will bring new features and scalability to facilitate dozens of new apps.
Should I buy LUNA today?
LUNA is currently trading at about $34, approximately 26% lower than its all-time high registered earlier this month. However, the relative strength index (RSI) above 50 on the daily chart suggests LUNA is still in bullish territory.
LUNA/USD daily chart. Source: Trading View
The Columbus 5 upgrade is due to go live at the end of the month and will bring a lot of economic activity to the ecosystem as many projects are ready to deploy to Terra already. New projects using UST will also mean more demand for the stablecoin and therefore more LUNA being burned.
All this should be very positive for LUNA price in October, which could easily surpass its previous all-time high and head for the psychological level of $50.