8 days ago
Though noted for its long-term volatility and for failing to participate in the 2024 bull market since early March, Terra Classic ( LUNC ) has made great strides in recent weeks. Specifically, the project, which was continued by its community after Terraform Labs (TFL) collapsed in 2022, shows a 19.75% surge to LUNC’s press time price of $0.0001546 in the last 24 hours, and the 30-day chart is even more impressive, demonstrating that the token is up 89.80%. LUNC 30-day price chart. Source: CojnMarketCap Why did LUNC rally 80% in 30 days Such performance is not particularly surprising, given the good news associated with Terra Classic that emerged in recent months and the overall cryptocurrency market sentiment. To begin with, Terraform Labs received court permission for its bankruptcy plan, with the Securities and Exchange Commission (SEC) agreeing to be paid only after creditors’ cryptocurrency claims are satisfied. The resolution fell in line with expectations , as evidenced by LUNC’s 5% climb in the 24 hours that preceded the hearing. Additionally, the price action has likely been driven by a massive deflationary move – the biggest burn in LUNC’s history – recorded in early November. The 137 billion token burn came shortly after the team announced the closure of the Shuttle Bridge interface and the elimination of all remaining cryptocurrency in the associated wallets. LUNC burn chart. Source: Lunc Metrics More broadly, numerous digital assets have recently entered into a frenzy as Donald Trump’s re-election – and the confirmation SEC Chair Gary Gensler will resign on January 20, 2025 – sent Bitcoin (BTC) toward $100,000 and Ethereum ( ETH ) above $3,500. The developments also enabled other prominent cryptocurrencies – long depressed by regulatory and similar issues – to skyrocket, with XRP , arguably the star of the current phase of the bull market, surging 403.20% in the last month. XRP 30-day price chart. Source: Finbold Can LUNC make a massive comeback in 2025? Despite the current momentum – and despite deflationary measures implemented by the Terra Classic team – LUNC’s rally remains fraught. The token is well-known for its volatility, and the network’s staking and minting mechanisms remain a concern . Furthermore, Terra Classic’s association with one of the highest-profile cryptocurrency scandals and the collapse that, arguably, triggered the ‘crypto winter,’ means that the ongoing rally is probably more a sign of the broader digital assets optimism and the euphoria from the bankruptcy finally winding down than a show of confidence in LUNC’s future. Featured image via Shutterstock The post What’s next for Terra Classic after LUNC’s 80% rally appeared first on Finbold .
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Bitcoin Rebounds Back Above $100,000 As Analyst Predicts Explosive Altcoin Gains Around the Corner
Bitcoin ( BTC ) is up 6.6% on the day and back above the psychological threshold of $100,000 after US Consumer Price Index (CPI) data came in as forecasted. The U.S. Bureau of Labor Statistics announced Wednesday that CPI had risen 0.3% in November, up 2.7% year-on-year, in line with forecasts. Markets responded positively to the likelihood that the Federal Reserve will follow through on its hints of more rate cuts given purportedly under-control inflation. Bitcoin, Ethereum ( ETH ), Solana ( SOL ) and most of the top 100 digital assets rallied on the news. Pseudonymous crypto analyst TechDev tells his 488,000 followers on the social media platform X that based on the Chaikin Money Flow (CMF) indicator, which is a volume-weighted average of accumulation and distribution in a given time period, BTC is entering a period where the majority of its gains are made. “Green and red are where the vast majority of gains are made. And it’s our first visit in 8 years.” Source: TechDev/X TechDev also shares an OTHERS chart, which measures the market cap of all digital assets excluding the top 10, and is used to gauge altcoin strength. He suggests that OTHERS has just printed a classic Wyckoff accumulation pattern, suggesting another imminent leg up for altcoins. “Higher.” Source: TechDev/X TechDev says that current market conditions are almost perfectly mirroring the environment of early 2021 just before a massive altcoin season. He notes similarities in the price action of Bitcoin, Ethereum, Dogecoin ( DOGE ), as well as a move in Bitcoin dominance (BTC.D), which measures how much of the total crypto market cap belongs to BTC. “It was early January 2021. BTC in week 4 of price discovery. ETH 20% below all-time highs. DOGE at its first pause. BTC.D had reversed. The next 4 months brought a historic altcoin run as capital rotated and mania hit. It’s early December 2024. BTC is on week 5 of price discovery. ETH 20% below all-time highs. DOGE at its first pause. BTC.D has reversed. Prepare…” Source: TechDev/X Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Agor2012 The post Bitcoin Rebounds Back Above $100,000 As Analyst Predicts Explosive Altcoin Gains Around the Corner appeared first on The Daily Hodl . Finbold
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