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2024-06-29 12:32:33 +0300

USTC Price is Skyrocketing: Will Terra Classic USD Regain its Peg?

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CoinJournal
By Crispus Nyaga

Terra Classic USD (USTC) price has made a strong comeback in the past few days as investors buy the coin’s dip. The “stablecoin” has jumped in the past seven straight days and is now trading at the highest level since May 27th of this year. According to CoinGecko, the fallen angel has a market cap of more than $841 million, making it the 55th biggest coin in the world.

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Why is USTC soaring?

Terra Classic USD is a fallen angel. Formerly known as Terra USD, the stablecoin caused the biggest collapse in the cryptocurrency market when it lost its peg in May. It is estimated that investors lost over $50 billion during its remarkable collapse. At the current price, UST is trading at about 92% below its stability level of $1.

USTC’s recovery has helped push other related cryptocurrencies sharply higher. For example, according to Binance, LUNA Classic has surged by 50% in the past 24 hours and is trading at $0.000138. Similarly, Anchor Protocol, the DeFi platform that provided UST yield, has risen by more than 10%. Mirror Protocol has also jumped.

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