Terra LUNA’s market cap increases by 76% in just one week!

The cryptocurrency market is currently on a path towards a strong recovery. Bitcoin has gained by around 14% in 24 hours to reach $43K. The global cryptocurrency market cap has gained by 11.7% to reach $2 trillion.

Terra (LUNA/USD) is leading with these market gains and is currently on the way to clinching a new all-time high.

LUNA ranks as the seventh-largest crypto

LUNA is leading the market in its recovery, and it has surged by around 76% during the past week. At the time of writing, LUNA has gained around 22.6%, and it is trading at $88.88, according to CoinGecko. Due to the price gain, LUNA’s market cap has also increased significantly, and it has reached $33.3 billion to rank as the seventh-largest cryptocurrency by this metric.

Terra has now surpassed Cardano (ADA/USD) and Solana (SOL/USD) market cap and the two are ranking as the eighth-largest and the ninth-largest tokens, respectively. However, the two are also performing well, and ADA has gained by 15.94% during the past 24 hours, and SOL has gained by 17.32% during the same period.

Cryptocurrency market rebounds amid geopolitical tensions

The cryptocurrency market has rebounded significantly over the past few days despite the geopolitical tensions happening between Russia and Ukraine. The crypto community has donated towards the Ukrainian government, and 192.4 Bitcoin has been donated towards the cause.

Some of the most prominent people in the crypto community have also donated or spoken out against the invasion. The founder of Polkadot has pledged a $5 million donation to Ukraine if he gets a DOT address he can use to channel the donation.

The CEO of FTX, Sam Bankman-Fried, has also donated towards the cause. The executive said that FTX would deposit $25 to the account of every Ukrainian that was registered on the platform. Charity organizations in Ukraine have also received sizable donations.

The vice prime minister of Ukraine is also urging all the major exchanges to freeze the accounts of Russian and Belarusian users. However, some of the leading exchanges, including Binance, Coinbase and Kraken, have turned down this request saying that it would require a legal requirement for such an action to be taken.

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