The Terra (CCC:LUNA-USD) network is one that has rocketed to the front of the pack in recent months. It continues to rake in capital, and it is one of the most popular plays for the stablecoin boom right now. If the network’s newest upgrade isn’t piquing investor interest, its 7,000%-plus gains since the beginning of the year surely are. As such, Terra price predictions are becoming a hot topic.
Terra is a stablecoin network, which allows holders of the LUNA coin to swap their LUNA for a stable crypto pegged to a fiat currency of the users’ choice. It offers a host of different fiat-pegged cryptos, which users can borrow and lend with.
Over the last year, the token has benefited from gigantic gains. A surge in the spring at the height of altcoin madness was almost entirely erased through summer’s crypto downturn. However, LUNA began a steady climb in late July that has turned into upward leaps and bounds over the last few weeks. All in all, LUNA has inflated from a 66-cent valuation in January to the $48 value it sees today.
The Columbus-5 upgrade is one major reason for the network’s recent price surges. The upgrade is connecting Terra with its sibling networks under the Cosmos (CCC:ATOM-USD) umbrella through an initiative called Inter-Blockchain Communication, or IBC. This is allowing the Terra community to have more robust interaction with its sibling networks. Moreover, it is instituting a token burn for LUNA, which is increasing the coin’s value through simple supply and demand.
Terra Price Predictions Surge With New All-Time High
The Columbus-5 upgrade is causing quite the stir among crypto investors. Less than a week after the upgrade hit the Terra mainnet, the value of LUNA is up over 23%. In fact, the LUNA coin is hitting a new all-time high today as a result of the momentum. Early this afternoon, LUNA bloomed to $49.45 before sinking down to about $48. Trading volume is up almost 9% on the day as well.
Can LUNA keep its unprecedented momentum going as we approach the end of the year? Let’s take a look at some Terra price predictions and see what analysts are thinking:
- WalletInvestor is forecasting a price of $71.40 for LUNA by October of 2022.
- Gov Capital’s 12-month price target for LUNA stands at $85.82.
- The Economy Forecast Agency is predicting a price of $59.32 for LUNA before 2021 is out. By October of 2022, the outlet expects the coin to inflate to $126.01.
- DigitalCoin is expecting LUNA to reach a high of $70.82 by the time the end of 2021.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.