Terra Classic Price Rises 14% as Traders Think This New Altcoin Will Surge Next
Terra Classic (LUNC) saw its price jump 14% in the past 24 hours, hitting the $0.00011 level.
LUNC is now up 25% since Thursdayâs low as traders pile back into the controversial token that collapsed in 2022.
Meanwhile, crypto miners are looking ahead to the upcoming release of Bitcoin Minetrix (BTCMTX), a new Ethereum-based project that aims to streamline the process of acquiring BTC mining rewards.
LUNC Price Soars Alongside Explosion in Trading Volume
The recent surge in the LUNC price comes alongside a massive spike in derivatives trading volume.
According to Coinglass, daily trading volume rose from $4.78 million on February 1 to $9.95 million on February 4 â representing a 108% increase.
CoinMarketCap data shows that spot trading volumes are also up significantly, suggesting that investors are becoming more interested in gaining exposure to LUNCâs price movements.
The renewed interest appears to be linked to LUNCâs bullish breakout after a double-bottom pattern was confirmed on the daily price chart.
Terra Classic Makes Surprise Revival After Previous Collapse
Terra Classic is the remnant of the original Terra blockchainâs native token LUNA, which imploded in 2022 after its algorithmic stablecoin UST lost its peg.
The âdeath spiralâ caused LUNA to drop over 99%, prompting a rebrand to LUNC and the launch of a new Terra chain without the flawed stablecoin.
Given its disastrous downfall that shook the crypto market, LUNC was largely written off by the investment community â making the recent double-digit price surge all the more surprising.
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