The price decline of Terra Classic (LUNC) today is due to several main reasons:
1. Low trading volume:
Over the past week, trading volume for LUNC decreased by 20.56%, reflecting decreased interest from traders. This decrease in trading volume can lead to large fluctuations in price, as there are fewer buyers and sellers in the market.
2. Downtrend in the general market:
The general downward trend in the cryptocurrency market has negatively impacted the price of LUNC. Cryptocurrencies in general are affected by broader market movements, especially Bitcoin movements. When the price of Bitcoin falls, the rest of the cryptocurrencies on the market often follow.
3. Lack of positive developments:
There have not been any major announcements or recent promotions that could support the price of the coin. The last significant upgrade was Proposal v3.0.1, which caused a temporary price spike but did not sustain long-term growth. A lack of positive news can lead to a decline in interest and investment in the currency.
4. Regulatory concerns:
Continuing concerns about regulatory scrutiny and market manipulation have dented investor confidence in LUNC, contributing to the price decline. Laws and legislation related to cryptocurrencies play a huge role in shaping market trends.
These factors combined have led to a decline in the price of Terra Classic Coin (LUNC) today.