The LUNA digital token has outperformed the wider cryptocurrency market with a 17% increase in the past 24 hours, pushing prices above $90 U.S. in Asian trading.
LUNA rose to as much as $92.07 U.S. during early Asian trading hours. Profit-taking saw prices fall to $89 U.S., a key support level for the token.
The move higher comes after a 37% decline in the first two weeks of April. LUNA’s all-time high was $120 U.S.
The latest rise in LUNA comes as investors flock to stablecoins that are cryptocurrencies pegged to fiat currencies, usually the U.S. dollar. Digital tokens are backed by an equivalent amount of fiat held in reserve.
In February of this year, major cryptocurrency funds led by Jump Crypto invested $1 billion U.S. in the Luna Foundation Guard (LFG), a Singapore-based non-profit that aims to purchase several assets as reserve backing, including the U.S. dollar.
LUNA’s reserves currently sit at $2.48 billion U.S.
