Mooners and Shakers: Bitcoin, Ethereum and the cryptocurrency market enter the weekend; Terra LUNA comes back from the dead?

Bitcoin and the cryptocurrency market as a whole have pumped green shades of Canberra Raiders through the end of Friday and Saturday. Done Falcon made his way through the weekend test line

? Guy.

At the time of writing, BTC, Ethereum (ETH) and other major currencies have cooled a fraction, but supported most of their price exuberance at the start of the weekend.

Land ‘Frankenstein’ MOON

As for Terra Luna … as much as we would have liked after its terrible implosion that induced crypto contagion in May, it has become difficult for us to ignore its ridiculous price action in recent times.

If you’re a keen observer of anything other than the top 10 cryptocurrencies, you may know that LUNA has seen a Frankenstein rise, having risen by more than 200% in the last week and closer to around 250% in two weeks.

But that’s not the most disconcerting statistic. The coin (which actually trades as LUNA2 on many exchanges) was trading around $ 6 a little earlier on the last day, which, according to Cointelegraphit represents roughly a 17.59 MILLION% rally since it plummeted to virtually zero in May.

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

LUNA, or LUNA2, or whatever you call it today, has actually shrunk 14% in 24 hours, essentially a huge flashing red warning sign to put in at your own risk. Nobody of this is a pointer to buy LUNA, LUNA2 or LUNC at this point.

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

No it is not. Although LUNC pumped, drained 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 resurrect the project and repay, through occasional airdrops, those most affected by the collapse of the original blockchain.

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So … to reiterate and try to be reasonably clear about this … Terra Classic (LUNC), which has grown 328% in the last month, is the original LUNA, as the name indicates. And Terra LUNA (which is also traded as LUNA2) is Terra’s “regeneration” token and has been pumping madly since its epic low.

Another thing to note, LUNC has pumped in the wake of news that the project has approved a governance proposal that is essentially attempting to turn it into a deflationary token, according to the following tweet from the LUNC community member …

Well, on other happenings in the cryptocurrency market …

Overview of the top 10

With the overall market cap of cryptocurrencies at $ 1.11 trillion and up about 0.2% from yesterday, here’s the current state of the games in the top 10 tokens, according to CoinGecko.

The last time we signed up here in this column, the entire cryptocurrency market cap was $ 1.03 trillion. He has since found a windfall of $ 80 billion on the back of the couch. Hopefully, it can actually build on that and doesn’t jot everything down on the dog-meme track.

Top guns Bitcoin (Maverick?) And Ethereum (Iceman?) Have been at the forefront of making major cryptocurrency gains in recent days. Solana is fine too. Is there a goose in that top 10? Don’t hope.

Will Bitcoin and friends close the week in the US with an additional small pump to carry things even more over the next seven days? Benjamin Cowen, analyst at Brainiac American ‘Crypto Quant’, seems to think it could go this way …

That said, he’s also pointing to what could be a pretty unstable week in the Cryptoverse, as he calls it.

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Ethereum’s much-vaunted Merge to the tree-hugging proof-of-stake protocol is expected to be completed this week. Around the same time as that major (likely) crypto event, the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) report for August on September 13 at 8:00 am EST.

This will be crucial, which will have a significant impact on the inflation-fighting movements of US Federal Reserve boss Jerome Powell and the bowel movements of the stock and cryptocurrency markets.

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

If the figures were to fall, however, it wouldn’t be unreasonable to imagine a continued rally in stocks and cryptocurrencies in the short term this week.

Ups and downs: 11–100

Sweeping a market cap range from about $ 8.1 billion to about $ 429 million in the rest of the top 100, we find some of the biggest 24-hour gains and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com.)

DAILY PUMPS

Centigrade (CEL), (market capitalization: 680 million US dollars) + 15%

Root (XRD), (mc: 647 million US dollars) + 10%

ApeCoin (APE), (m3: 1.74 billion US dollars) + 9%

Amp (AMP), (mc: 502 million US dollars) + 8%

Evmos (EVMOS), (mc: 794 million US dollars) + 3%

DAILY SLUMPERS

Land (LUNA), (market capitalization: 918 million US dollars) -14%

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EOS (EOS), (m3: 1.69 billion US dollars) -8%

helium (HNT), (mc: 653 million US dollars) -7%

DeFiChain (DFI), (mc: 569 million US dollars) -6%

Ravencoin (RVN), (mc: 602 million US dollars) -6%

Around the blocks

A selection of randomness and relevance that stayed with us during our morning moves through the Crypto Twitterverse …

Literally, huh? All right, everybody squat down.

And just to pour some cold water on any growing feeling of cryptographic euphoria … here’s Justin Bennett …

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