Will USTC Price Reclaim $1 Mark?
In the final week of November, TerraClassicUSD (USTC) alongside its sister tokens, Terra Classic (LUNC), and Terra (LUNA), surged significantly, capturing widespread attention within the crypto sphere. This remarkable upsurge was catalyzed by the revival efforts of these tokens, particularly highlighted by a strategic investment by Terra-Classic Labs in USTC. As of the current press time, USTC stands at a valuation of $0.0574, marking an impressive intraday increase of 36.45%. However, the lingering question persists: does this surge suffice to re-establish the USTC peg to $1?
Also Read: Terra Luna Classic Community Passes Crucial Proposal; LUNC And USTC Price Skyrockets
USTC Price Escapes From Year-Long Stagnation.
Source- Tradingview
Algorithmic stablecoin TerraClassicUSD USTC, previously known as UST, faced a significant loss of stability leading to a collapse in 2022. The stablecoin’s detachment from its peg to the US dollar triggered a cascading effect that impacted its sister token, LUNA, and caused a breakdown of the Terra-LUNA blockchain ecosystem. Post losing its peg, the price of USTC fell to a low of $0.006 in June 2022.
Following this tumultuous period, the stablecoin value became stagnant for over a year as shown in the above chart. However, the resilience of the Terra Classic community to not give up and revive the tokens to their full functionality has created the hot topic of the day in the crypto market.
In the last three days, the USTC price has surged 390% showcasing a massive leap from $0.01329 to the current value of $0.0652. This massive rally was followed by a recent development highlighted by an X platform user named Trader QT, that Terra Classic Labs has strategically acquired 25.6 million USTC, amounting to approximately $500,000, as part of its Treasury Reserve Policy. This acquisition was made at an average purchase price of $0.021 per USTC.
Thus, the rising USDT price has witnessed a roadblock at the September 2022 peak of $0.07536, indicating that stablecoin is witnessing some hindrance. Analyzing the previous price behavior has shown such a crucial area of interest(AOI), that can obstruct or bolster the USDT goal to $1.
However, the $1 mark is 1400% away from the current price of $0.066, projecting a long road before USTC reaches its destined value.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
