Key Insights
- Despite the rest of the market being in the red, USTC is still making even more gains as it forges upwards.
- According to data from CoinMarketCap, USTC has been up by more than 13% over the last day.
- Its trading volume is almost 500%, and its gains in the previous week sit at more than 19%.
The beginning of the week was bullish for Bitcoin and several other altcoins. The better part of the crypto market suddenly turned green on Tuesday, as many altcoins soared and increased by several percentages of their original prices.
At the time of writing, however, bitcoin and most of the altcoins are in the red as the market consolidates and makes up for the week’s changes.
However, one of the cryptocurrencies that have stood out this week has to be Terra Classic USD (USTC), the native “stablecoin” of the Terra ecosystem that crashed in May this year.
In fact, despite the rest of the market being in the red, USTC is making even more gains as it forges upwards.
According to data from CoinMarketCap, USTC is up by more than 13% over the last day and has positioned itself as one of the market’s top gainers.
USTC Tokenomics and Price Analysis
Even more interesting than the price action of USTC today is how its trading volume is up by almost 500%, and its gains in the previous week sit at more than 19%.
In the last 24 hours, the cryptocurrency has hit and broken the $400 million market cap mark in a 13.11% move and now has a fully diluted market cap of $438 million.
According to the RSI in USTC’s price charts, as illustrated above, the crypto is heading towards overbought conditions and appears to be on the verge of a bearish crossover.
According to the technical summary of the chart from tradingview, the moving averages and oscillators converge at a buy verdict, leading to a final buy verdict as far as USTC goes.
Did the Re-peg Plan Cause This Price Spike?
Many crypto community members know that USTC fell from its $1 in May 2022 and has failed to return to this price.
The developer, Tobias Anderson, submitted a re-peg proposal three weeks ago.
When USTC fell below the $0.1 mark right after the Terra ecosystem collapse in June, many members of the Terra Community tagged the “stablecoin” a dead one, especially after the public persecution and police man-hunts for its embattled founder, Do-Kwon.
The re-peg proposal from Tobias Anderson was welcomed openly, ultimately leading to a price rally that took the Terra classic USD token through a 35% spike to its monthly high.
However, with the new bullishness of Terra classic USD and the newly introduced LUNC burn mechanisms (also supported by Binance), there may just be brighter horizons in the future of USTC as a cryptocurrency or as a stablecoin.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
