LUNC Price Explodes by 15% As Bitcoin Reaches New High of $38,000
The recent testing of the $38,000 price mark by Bitcoin has strengthened the bullish onslaught in the price of Terra Classic (LUNC).
With Bitcoin (BTC) just retesting the $38,000 price barrier, the industry’s largest asset by market capitalization, Terra Classic (LUNC) is demonstrating its strong association with BTC with a parabolic leap today.
The market capitalization of LUNC is $677,265,762 as of this writing, with a price increase of 15.29% to $0.0001179. As of right now, LUNC’s price prediction shows that it has ranged from a low of $0.00009217 to a high of $0.0001207.
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LUNC Price Remains Stable
Unprecedented growth has recently befallen LUNC, which has been experiencing a parabolic ascent since last weekend. The recent emotion that swept its algorithmic sister stablecoin, TerraClassicUSD (USTC), and other market factors have contributed to LUNC’s recent surge.
A strategic investment of around $500,000 was announced by Terra Classic Labs into USTC, as previously reported by Coingape. Terra Classic Labs increased its Treasury Reserve by about 25.6 million USTC units as a result of this move. The news of the capital injection caused USTC’s price to surge by over 3000%. As one might expect, Terra Classic was also a rally participant at the time.
The stablecoin’s growth has slowed, and it is currently trading at a steep discount of 10.38% to $0.0437. However, LUNC has discovered ways to maintain its upward trend. The recent listing on USTC was seen by LUNC investors as a positive sign for the plan, which helped to stabilize the price of LUNC.
A combination of a generally positive market environment and the Fear of Missing Out (FOMO) displayed by certain LUNC buyers drove the price near zero as momentum surged.
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Bitcoin Sentiment Strengthens Current Ascent
Good news for LUNC as well: Bitcoin has recovered and is back above the $38,000 mark. Traders that keep a close eye on the market can find predictions, such as one from Wolfe Research, that suggest the recent correction of the coin face would serve as a bullish foundation to potentially revisit the $40,000 price level in the near future.
It is worth mentioning that the price of Bitcoin has not been this high since May 2022. If the coin manages to break beyond that multi-month threshold, it might have significant market implications, particularly for LUNC and other tokens.
The stage is set for LUNC and other altcoins to gain significant momentum, thanks to key market leaders setting an aggressive price objective for Bitcoin in light of a possible spot ETF approval and Bitcoin halving.
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