After the LUNA earthquake in the cryptocurrency market, investors turned to different altcoin projects. Today, cryptocurrencies such as ETH, ADA, XRP, SOL and BNB, especially Bitcoin, have partially recovered in the last 24 hours.
Leading cryptocurrencies partially mitigated their heavy losses
As BNB price rose, transaction volume on BNB Blockchain also rose to the peak seen almost 6 months ago. Meanwhile, the leading cryptocurrencies of the market, Ripple (XRP), Cardano (ADA) and Solana (SOL), also recovered in the 15-20% range after heavy losses.
BNB rebounds 33% as trading volume increases Ranked fifth on CoinMarketCap, BNB has added a full 33% to its market cap over the past 24 hours. At press time, the coin is trading at $305.49 and is climbing here from the $230 level it plunged into.
Prior to that, on April 20, BNB started falling from the $428 region and dropped to $227 on May 12. BNB Blockchain shared on its Twitter account that the transaction volume on the network rose to record numbers last seen in December.
Busy days on #BNBChain đź‘€
The last time we saw this much traffic was back in December 2021. pic.twitter.com/WqzkyqEKD0
— BNB Chain (@BNBCHAIN) May 13, 2022
Investors headed for the top 10 after the LUNA crash
Also, after the LUNA crash, investors seem to be rushing to buy the top 10 cryptos, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB).
One of the popular names in the crypto community and former US Congressman David Gokhshtein shared on his Twitter account:
After the LUNA collapse, more people can get Bitcoin or ETH before they can have fun with anything else in the crypto industry. I believe it will start.
After $LUNA debacle, I believe more people will start look towards acquiring #bitcoin or $ETH before entertaining anything else in the #crypto industry.
— David Gokhshtein (@davidgokhshtein) May 13, 2022
CZ, LUNA and UST on how to recover presented a plan
CZ wrote on his Twitter account that he contacted the LUNA/UST team and offered them a detailed plan on how to reverse the collapse of both cryptocurrencies. According to experts, this statement also contributed to the rise of BNB.
CZ’s recommendation to the Terra team was that the Terra mesh should be restored and the extra LUNA minted should be burned and the UST peg recovered. However, he received no response from them. That’s why CZ said he was very disappointed with the way he handled the situation. As a result, as we also reported on Kriptkoin.com , Binance has chosen to suspend LUNA and UST trading to protect its customers.
4. While #Binance always aims to be neutral, helpful and protective of all users and industry peers, and we typically refrain from commenting on other projects, I will break that rule this time.
— CZ 🔶 Binance (@cz_binance) May 13, 2022
