Terra Luna has risen to the top ten list of cryptocurrencies with a market capitalization of $23.6 billion ahead of Shiba Inu and Dogecoin, defying a bearish crypto market sentiment.
LUNA was trading at $61.05 against the dollar on Monday, after dropping 20% from a record high of $77.73 the previous day. The token has gained 22% in the past week despite the fall.
The jump in the market capitalization by Terra Luna comes despite a market-wide crypto rout that saw over $300 million liquidations in just two days.
The bearish momentum saw major cryptocurrencies like Bitcoin, Cardano register double-digit losses in the market plunge.
Bitcoin dropped 16.8% in the past week, while Ethereum and Binance Coin dropped 7.5% and 9.9%, respectively, in the past seven days. DOT, XRP, and ADA plunged 28.6%, 21% and 19.5%, respectively.