People often get a quick glimpse of hope in the cryptocurrency market, only to see it crash hard shortly after. The day before, the cryptocurrency market was all green, but the bulls couldn’t keep the market going for too long. Check out Quantum Code if you’re looking for a Bitcoin trading platform. Most people thought that prices would go down when trading began today. In the last 24 hours, the global cryptocurrency market lost 2.31 percent of its value, dropping to $916.86 billion.
What exactly is this Terra Classic?
The peg of its algorithmic stablecoin, called UST, caused many problems for the Terra ecosystem at the beginning of this year. In terms of the dollar, the value of the second went down. Even though this might be bad for stable coins with a central bank, it was the last straw for UST.
As long as UST was trading for less than $1, users could buy LUNA tokens and then trade them for UST at a higher price. This arbitrage strategy worked well as long as there was enough liquidity, but in the end, it was what brought the Terra ecosystem as a whole down. Because of this, the market lost billions of dollars, and many people lost a lot of money.
Did Kwon devise a plan to try to fix the ecosystem and save what was left? Part of this plan was to break the chain. He thought that by doing this, he would do better.
On May 16, he suggested that the Terra chain be split into two separate networks by cutting it in half. The first choice would be the most recent version, which is now called Terra. Part of the LUNA token is the ticker. The second would be called Terra Classic and be based on a cryptocurrency called LUNC. Different developers work on each chain at the same time. These developers work on both chains at the same time.
TerraClassicUSD (USTC) has been doing pretty well lately, and almost all other cryptocurrencies have dropped a lot. At the time of this writing, you can buy TerraClassicUSD for $0.0452, which is 5.97% less than 24 hours ago.
On the other hand, the value of USTC has gone up by more than 50% in a week, making it the most valuable currency that has gone up in value. People are very active on social media, which helped the currency reach a record high of $0.61 before it started to go down.
TerraClassicUSD is getting more and more popular
Binance, the most popular place to buy and sell cryptocurrencies, says it will soon add the ability to borrow USTC. The second thing that has made USTC’s social activities better is a plan to re-peg the currency to the US dollar. People in the area have been talking about it, leading to more social events at USTC.
After the Terra network’s first chain, LUNA, and stablecoin, TerraUSD (UST), came out in May, the TerraClassicUSD cryptocurrency was released. It broke away from the dollar, which led to the failure of the Terra currency, which led to the failure of Terra (LUNA). Now, the community is trying to win back the lost trust with its ideas.
Read also: how to write a business plan for a business that is already existing
How much it will cost for the Terra Luna Classic
In 2021, Terra Luna Classic had a lot of fun. The short-term Terra Luna Classic price prediction and the long-term Terra Luna Classic price prediction make up our most recent LUNC price prediction. This helped people figure out what they thought was going to happen. When this article was written, $203,776,812 worth of LUNC was traded daily. In the last 30 days, the price of Terra Luna Classic has gone down by -17.47%.
Our research shows that the price of Terra Luna Classic will probably be between $3.52 and $3.77 in December 2022, which isn’t too far away. On average, LUNC will cost $3.52, and at its most expensive, it will cost $3.77.
Based on our research into Terra Luna Classic price predictions over the long term, we also found that the average price of LUNC will be $165.00 in April 2023, and the highest price will be $176.55 that month.