At a point when the cryptocurrency market has been experiencing volatility, Terra (CRYPTO:LUNA) has seen incredible performance of late. Now, most of this recent volatility among top tokens has been bullish of late. However, since November, most tokens are well off their all-time highs.
Not Terra. In fact, this token just hit a fresh new high yesterday.
Let’s dive into whether this momentum can continue. After all, what goes up often comes back down, right?
One of the fastest-growing cryptocurrencies in the space Terra is indeed one of the market’s many rapidly growing cryptocurrencies. This network aims to combine fiat currencies’ extensive adoption and stability with crypto’s censorship resistance. The end goal: reasonably priced and quick settlements.
Terra has become a vital player in the world of decentralized finance of late. Whether that’s because of this network’s algorithmic stablecoin infrastructure or other incredible use cases within the finance realm, there’s a lot to like about how Terra is positioned right now. Projects built on top of Terra are exploding, making this blockchain network one to keep an eye on for growth investors.
I think much of the positive attention Terra is getting of late relates to this network’s unique stablecoin offering. Stability in the crypto sector is hard to find. However, projects like Terra have certainly created a unique opportunity for investors in this hard-to-assess crypto market.
Bullish growth should not be surprising for investors Terra’s network is one that is focused on providing some key infrastructure to the crypto market. Accordingly, investors bullish on the growth of decentralized applications, stable coin development, and competitive programmable payments have already taken note of this platform.
Indeed, Terra is a project I think could be a winner in the long-term race for crypto market share. This project is tackling some of the highest-growth areas of the market and doing so well. Additionally, Terra is focused on interoperability — a key factor I think is important to consider.
Interoperability essentially refers to the ability for a given blockchain to communicate with others. Terra’s blockchain is engineered to run on several chains. Right now, these include Solana and Ethereum. However, protocol expansion is planned, as well as other blockchain networks, in the future. Given the recent high-profile bridge hacks we’ve seen of late, this is an important factor to consider.
Moreover, Terra uses a community-based governance mechanism. Validators gain voting rights for vital network updates that include upgrades, technical alterations, and more.
Bottom line Terra is certainly one of the growth projects in the crypto space I think has the potential to continue growing. Yes, this token has surged of late. However, there may be more room to run. Accordingly, those looking for a top-notch cryptocurrency may want to consider Terra right now.
The post Could Terra Be the Cryptocurrency to Buy Right Now? appeared first on The Motley Fool Canada.
Fool contributor Chris MacDonald owns Ethereum and Solana. The Motley Fool owns and recommends Ethereum, Solana, and Terra.