As seen on CoinMarketCapTerra (LUNA) remains a performer in the top 10 largest cryptocurrencies, gaining more than 30% in the last 48 hours. Terra witnessed a significant increase in price after finding support at $75.60 on March 7. LUNA then rose as high as $98.80 on March 9 as it prepares to mark its second consecutive day in green.

Politeness: CoinMarketCap

The price gains led to an increase in Terra’s market cap, pushing Solana and Cardano into seventh place, according to CoinMarketCap data. U.Today previously reported that Terra (LUNA) printed a bullish signal on the daily chart. According to a prominent crypto analystLUNA’s next upward target could be $112 or even $120.

#terra $LUNA has achieved both my goals.

A 12 Hour Decisive Candlestick Could Propel Above $98 #LUNA to a new all-time high of $112 or even $120. https://t.co/fZWAzIqyLm pic.twitter.com/mLd7xSjfiD

— Ali Martinez (@ali_charts) March 9, 2022

The latest price increase follows good fundamentals and positive sentiment for Terra.

Per Deploy Rewards data, Terra is the largest staked asset of all major cryptocurrencies in terms of total value staked, also in terms of TVL (total value locked), surpassing Solana, Ethereum and Cardano. Currently, more than $31.4 billion in LUNA has been deployed directly across multiple platforms. Annual returns for participants are over 6.13%.

Terra also currently ranks the second largest smart contract platform by total value locked, after Ethereum, according to data provided by DeFi Lama† With a current total value locked in (TVL) of $25.65 billion, Terra is ahead of Binance Smart Chain, Avalanche and Fantom.

Rebounds in the crypto market

Bitcoin and other cryptocurrencies skyrocketed after the US Treasury Department reportedly released details about President Joe Biden’s executive order. The Treasury statement was withdrawn soon after it was released but was widely regarded as positive for the cryptocurrency sector. Traders are still waiting for the final executive order, but a brief statement from the Treasury Department that appeared to be pro-crypto was enough to instill confidence.

†@SecYellen‘s statement about @POTUS‘s executive order on crypto was apparently posted early. Based on comments, crypto EO is positive, calling for a “coordinated and comprehensive approach to digital asset policy” that will “support responsible innovation”.https://t.co/Z1URnWGzMu

— Cameron Winklevoss (@cameron) March 9, 2022

The implementing decree, according to Cameron Winklevossco-founder of cryptocurrency exchange Gemini, is a “constructive approach to thoughtful crypto regulation.”

According to data from CoinMarketCapBitcoin traded at $42,019, up about 9%. Other cryptocurrencies, such as Ethereum, also rose sharply.