Even though the cryptocurrency market had been showing signs of recovery for a few weeks, it suddenly fell again before rising again. Currently, major cryptocurrencies are experiencing a slight upward movement.
However, among this wave of collapse that has been going on for months, there are a few cryptocurrencies that manage to hold their own. Among them, the stablecoin TerraClassicUSD (USTC) is undoubtedly the most notable. Indeed, the situation of this former disgraced token after the crisis of a few months ago seems to have stabilized. During this period of bearish movement, its value continues to rise, positioning itself as the main gainer over the past 48 hours.
The TerraClassicUSD Token Price Surge
During the last two days, the cryptocurrency USTC managed to recover a market cap of over $400 million. Thus, in the space of a single day, the market capitalization of TerraClassicUSD went from $370.76 million to $416.67 million, a increase of 12.38%.
According to analysts, the drastic increase in market capitalization of USTC is justified by the fact that the cryptocurrency network received an influx of approximately 45.91 million dollars.
However, the price of the cryptocurrency has since dropped to trade today at $0.0401. Its current market capitalization is estimated at $396,235,703. Be one down about 6.35% since its previous peak which made it register a rise of 19.75% over the last week according to data from experts.
What are the factors driving the evolution of cryptocurrency?
If the USTC token manages to maintain some stability around its value despite the current bear market crisis, it is because of several reasons. Almost a month earlier, the developers in charge of the project had offered to repeg the USTC on the dollar. It was one of the specificities of the old cryptocurrency and what had made not only its success, but also its loss.
The proposal made by Tobias Andersen, blockchain engineer and senior developer at the agency Bitcoin Suisse AG. The suggestion appeared in a report where he laid out his solution to the problems facing the new Luna ecosystem today: massive amounts of unsecured USTC and an offer hyperinflatée du token LUNC
The proposal was positive for the Terra Classic blockchain community. They also immediately proceeded to a rally to project the token towards a monthly high. This allowed the cryptocurrency to do a jump in value of more than 35% in 24 hours.
When considering the recent successes of TerraClassicUSD, it is highly likely that we will face another twist in this case with the LUNA ecosystem.
Which tokens are affected by the new bearish movement in the cryptocurrency market?
The latest market analysis has demonstrated that the overall market capitalization of the cryptocurrency market has briefly risen above the 1000 billion dollar mark for the past few days. The market rose by 2.94% which shows a slightly more positive general sentiment.
During this day, the Top 50 Cryptocurrencies were all in the green zone, including some notable cryptos like USTC, Dogecoin (DOGE) and Minifootball (MINIFOOTBALL). The first has managed to recover for a few days and maintains some form of stability, while the other continues to grow in popularity.
As for the other altcoins, they have also received a general increase. We are thinking in particular of Solana (SOL), Cardano (ADA), Litecoin (LTC), Uniswap (UNI) and Near protocol (NEAR).
The Bitcoin also increased above $20,000 and is slowly heading towards $21,000. It is currently trading at $20,930.49. As for Ethereum, even though the token had already been trading at a loss for some time, its price rallied to trade at $1,494.21 initially and then broke above the resistance at $1,500. to currently trade at $1,633.45, an increase of 8.52% in one day.
In recent days, the trading volume of the ETH token has experienced a increase of 16.64%. This allowed him to reach a volume of $31,660,073,991. However, it has decreased by 8.55% in the past 24 hours. Beyond that, the market seems to be experiencing a general positive feeling.
The whales keep piling up as well BTC than ETH which is a positive sign for the market.