Mooners and Shakers: Bitcoin, Ethereum and Crypto Market Enter Weekend; Terra LUNA back from the dead? – Stockhead

Bitcoin and the broader crypto market pumped shades of green from the Canberra Raiders into Friday night and Saturday. did it Falcon makes its way to the weekend test line? Somehow.

As of this writing, BTC, Ethereum (ETH) and other major coins have cooled slightly, but have maintained most of their price exuberance heading into the weekend.

Terra ‘Frankenstein’ LUNA

As for Terra Luna… although we wanted to after its terrible crypto-contagion-inducing implosion in May, it has become hard for us to ignore its ridiculous price action lately.

If you’re a keen observer of anything other than the top 10 cryptos, you might know that LUNA has achieved something of a Frankenstein’s rise, having jumped more than 200% in the past week and closer to about 250% over two weeks.

But that’s not the most staggering statistic. The coin (which actually trades as LUNA2 on many exchanges) was trading around US$6 earlier in the past day, which according to Cointelegraphrepresents about a 17.59 MILLION% rally since falling to virtually zero in May.

I wonder if Galaxy Digital’s Mike Novogratz still has his massive LUNA wolf tattoo…

LUNA, or LUNA2, or whatever you call it these days, was actually down 14% over 24 hours, though – basically a huge flashing red warning sign to enter at your own risk. None of this is a pointer to buy LUNA, LUNA2 or LUNC at this point.

Wait… is LUNA/LUNA2 the same as Terra LUNA Classic – LUNC?

No, this is not the case. Although LUNC pumped and dumped and pumped periodically too.

As Cointelegraph explains, Terra Luna Classic (LUNC) is the original version of the Terra blockchain. Terra LUNA 2.0 is Terraform Labs founder Do Kwon’s controversial way of trying to resuscitate the project and repay, through occasional airdrops, those most affected by the collapse of the original blockchain.

So…to reiterate and try to be reasonably clear on this…Terra Classic (LUC), which is up 328% in the last month, is the original LUNA, as the name suggests. And Terra LUNA (which also trades as LUNA2) is Terra’s “regeneration” token, and has been pumping madly from its epic low.

Another thing to note, LUNC has pumped off the back of news that the project has passed a governance proposal that essentially attempts to turn it into a deflationary token, according to the following tweet from LUNC community members…

Classic Terra Luna (#LUNC) skyrockets >37,000% from its trough after Terra’s collapse 🤯

This follows a proposal to implement a 1.2% token consumption tax on all transactions that will allow $LUNC become a deflationary cryptocurrency.#LUNC ✨ #HaileyLUNC ✨ $LUNC ✨ pic.twitter.com/oIxI7tqVkW

— Hailey LUNC✳️ (@TheMoonHailey) September 7, 2022

Okay, on to other crypto market happenings…

Overview of the top 10

Last time we checked here in this column, the total crypto market cap was US$1.03 trillion. He’s found an $80 billion windfall on the back of the couch since then. Hopefully he can actually build on that and not blow it all up on the dog-meme’s trail.

Top cannons Bitcoin (Maverick?) and Ethereum (Iceman?) have piloted it ahead for major crypto gains over the past few days. Solana is fine too. Is there a Goose in this top 10? I hope not.

Will Bitcoin and friends end the week in the US with another small pump to transport even more stuff in the next seven days? Brainiac “Crypto Quant” US analyst Benjamin Cowen seems to think it could play out this way…

#Bitcoins pump in the weekly close?

—Benjamin Cowen (@intocryptoverse) September 11, 2022

That said, he’s also pointing the finger at what could well be quite a volatile week in the Cryptoverse, as he calls it.

Ethereum’s much-vaunted merger with the tree-hugging proof-of-stake protocol is set to complete this week. Around the same time as this (likely) momentous cryptographic event, September 13 at 8am, the US Bureau of Labor Statistics will release the Consumer Price Index (CPI) report for the August.

So we have the #ETH merge and CPI this week, followed by the FOMC the following week. It should be fun times

—Benjamin Cowen (@intocryptoverse) September 11, 2022

This will be crucial, which will have a significant impact on the inflation-fighting movements of the head of the US Federal Reserve, Jerome Powell, and on the saddles of the stock markets and the crypto market.

Will the data be lower than the very slightly encouraging 8.5% in July, which was lower than in June? According to Forbes, that won’t stop the Fed from raising interest rates in September by about 50 to 75 basis points at its next FOMC meeting, which is next week.

If the numbers go down, however, it wouldn’t be unreasonable to imagine a continued rally in stocks and cryptos in the short term this week.

Highs and lows: 11–100

Sweeping a market cap range of around US$8.1 billion to around US$429 million across the rest of the top 100, find some of the biggest 24-hour winners and losers as of press time. (Stats accurate at time of publication, based on data from CoinGecko.com.)

DAILY PUMPS

• Celsius (CEL), (market cap: $680 million) +15%

• Base (XRD), (mc: USD 647 million) +10%

• ApeCoin (APE), (mc: USD 1.74 billion) +9%

• amp (AMP), (mc: USD 502 million) +8%

• Evmos (EVMOS), (mc: USD 794 million) +3%

ARE WE DAILY

• Earth (LUNA), (market cap: 918 million USD) -14%

• EOS (EOS), (mc: $1.69 billion) -8%

• Helium (HNT), (mc: $653 million) -7%

• DeFiChain (DFI), (mc: $569 million) -6%

• Ravencoin (RVN), (mc: USD 602 ​​million) -6%

around the blocks

A selection of chance and relevance that marked us during our morning trips through the Crypto Twitterverse…

#Bitcoins Weekly closing update 🚨

Potential bullish trend change? ! pic.twitter.com/QwqZy7ycbY

— Kevin Svenson (@KevinSvenson_) September 12, 2022

#Crypto will explode. Literally.

— Michael van de Poppe (@CryptoMichNL) September 11, 2022

Literally, huh? OK, everyone get down.

Every dollar you can save now and invest in #altcoins / #crypto in the current period may be worth $50 to $200 per dollar in a few years.

Remember that.

— Michael van de Poppe (@CryptoMichNL) September 11, 2022

And just to pour some cold water on any growing sense of crypto euphoria… meet Justin Bennett…

Hope everyone had a great weekend!

The bulls had a good time, but the whole #crypto the market is 5% below a massive resistance zone.

Probably another push higher before the next leg down.

US inflation data on Tuesday and Wednesday, so expect some volatility. $BTC $ETH pic.twitter.com/K8niV3xcE8

— Justin Bennett (@JustinBennettFX) September 11, 2022

When physics and intelligence meet… pic.twitter.com/7ds9wniKs5

— Figen (@_TheFigen) September 10, 2022

Ripped off the plebs again. pic.twitter.com/XDahnid1FT

—Molls (@mollsunminding) September 10, 2022

Hi folks, I can’t wait to talk about how @krakenfx brings confidence and security to web3 – come have a coffee and join me at @AusCryptoCon Sunday 6:45 p.m. pic.twitter.com/NIY4Rzw9pP

— Jonathon Miller (@jdesmondmiller) September 11, 2022