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LUNC Price Jumps 15% As Bitcoin Breaks Above $38k Again – Crypto News

Published

1 year ago

November 29, 2023

Dripp

Terra Classic (LUNC) is on a parabolic surge today, showcasing its strong correlation with Bitcoin (BTC), the industry’s largest asset by market capitalization which just retested the $38,000 price level again.

At the time of writing, LUNC is up 15.29% to $0.0001179, pushing its market capitalization to $677,265,762. Per its current price outlook, LUNC has hit a record low of $0.00009217 in the past 24 hours and a high price of $0.0001207.

LUNC Price Maintains Stability

The growth of LUNC is one that has defied all odds in recent times and has been on this parabolic surge since the past weekend. Notably, LUNC is rallying based on market contagion and the impact of the sentiment that recently engulfed its algorithmic sister stablecoin TerraClassicUSD (USTC).

As reported earlier by Coingape, Terra Classic Labs announced a strategic investment worth about $500,000 into USTC. This move saw Terra Classic Labs stack up about 25.6 million USTC units to bolster its Treasury Reserve. Notably, the cash injection sent the price of USTC skyrocketing by more than 300% on the news. Predictably, Terra Classic also joined the rally at the time.

While the stablecoin has retracted its own growth trajectory, now trading at a massive discount of 10.38% to $0.0437, LUNC has found reasons to keep up its uptrend. LUNC investors considered the recent USTC listing as a vote of confidence for the proposal, thus stabilizing the price of LUNC.

The broader market has been generally favorable and FOMO, the Fear of Missing Out exhibited by some LUNC buyers, further pushed the price to kill one zero as the momentum soars.

Bitcoin Sentiment Bolsters Ongoing Rally

The rebound of Bitcoin above the $38,000 benchmark also spells a good omen for LUNC. For traders observing the market keenly, there are projections, including one from Wolfe Research which posits that the recent correction of the coin face will mark a bullish basis to retest the $40,000 price level in the short term.

Notably, Bitcoin’s price has not retested this level since May 2022, and should the coin hit that multi-month milestone, the implication for the market, including tokens like LUNC can be tremendous.

With top market leaders projecting an ambitious price target for Bitcoin in the face of a potential spot ETF approval and Bitcoin halving, we may see LUNC and other altcoins gain massive momentum, with the background currently set.