Terra Classic USD (USTC) Surged 60% in 7 Days, Is Extended Rally Possible In Coming Week
The crypto market continually provides a glimmer of hope to participants, only to crash it brutally a while later. Just a day ago, the overall cryptocurrency market had turned green, but the bulls couldn’t hold on for long. Today, once again, the market opened on a bearish note. Currently, the global crypto market has dropped by 2.31% in the last 24hrs and is positioned at $916.86 Billion.
Even TerraClassicUSD (USTC), which had been thriving of late, has plunged along with other cryptocurrencies. At the time of writing, TerraClassicUSD is selling at $0.0452 with a drop of 5.97% in the last 24hrs.
On the other hand, when USTC’s weekly trade is considered, the currency has gained more than 50% entering the top gainer list. This is mainly due to the immense social activity which pushed the currency to hit a high of $0.61 before making a downfall.
In September, USTC had attempted to hit $0.06- a target that it was finally able to achieve on the 10th of the month.
Rise In TerraClassicUSD’s Social Activity
Recently, Binance, the lead crypto exchange, announced its plans to include USTC as a borrowable asset on its platform. Other than this, the other factor that has increased USTC’s social activities is a proposal of re-pegging USTC to the US dollar. This has given rise to the debate among the community which has fueled USTC’s social activity.
TerraClassicUSD was introduced after Terra network’s original chain LUNA and its stablecoin TerraUSD (UST) in May. It lost its peg against the US dollar which led to the fall of Terra (LUNA). Now, the community is striving to get back the lost trust with its innovative strategies.