MIR/USDT - Terra tokens rally
Mirror Protocol's native token, MIR, dropped to $0.993 on Feb. 24, its worst level to date amid a selloff across the broader crypto market. But a sharp rebound ensued, taking the price to as high as $1.41 two days later, up more than 40% when measured from MIR's record low.
Just like the drop, MIR's upside retracement came in the wake of similar recoveries elsewhere in the crypto market. But interestingly, MIR/USD returns appeared larger than some of the highly valued digital assets, including Bitcoin (BTC) and Ether (ETH). Notably, Bitcoin rallied up to 17% after bottoming out locally on Feb. 24, below $34,500. In contrast, Ether's gains in the same period came out to be a little over 25% after bouncing from $2,300. On the other hand, Terra (LUNA), whose protocol hosts the Mirror Protocol's synthetic assets platform, rebounded by more than 50% in the same period. Interestingly, another Terra blockchain-backed token, Anchor Protocol (ANC), jumped more than 45% from its Feb. 24 low of $2.64, reaching its best level to date, just shy of $4.
Just like the drop, MIR's upside retracement came in the wake of similar recoveries elsewhere in the crypto market. But interestingly, MIR/USD returns appeared larger than some of the highly valued digital assets, including Bitcoin (BTC) and Ether (ETH). Notably, Bitcoin rallied up to 17% after bottoming out locally on Feb. 24, below $34,500. In contrast, Ether's gains in the same period came out to be a little over 25% after bouncing from $2,300. On the other hand, Terra (LUNA), whose protocol hosts the Mirror Protocol's synthetic assets platform, rebounded by more than 50% in the same period. Interestingly, another Terra blockchain-backed token, Anchor Protocol (ANC), jumped more than 45% from its Feb. 24 low of $2.64, reaching its best level to date, just shy of $4.
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