CryptocurrencyUSTC Explodes 335% - What's Pushing The Price Up?

USTC Explodes 335% – What’s Pushing The Price Up?


USTC experienced an impressive surge this week, propelled by two key catalysts: a newly introduced Binance perpetuals contract listing and the unveiling of a bitcoin-focused makeover along with an enticing airdrop initiative.

Notably, TerraClassicUSD’s value has nearly quadrupled within this period. It’s essential to contextualize this surge, however, as even with the substantial rally, the price of USTC has reached only $0.05, a stark contrast to its initial pegged value of $1.

USTC Meteoric Rise: Navigating The Volatility Of The Crypto

The developments surrounding USTC underscore the dynamic and evolving nature of the cryptocurrency market, where a combination of strategic listings and innovative plans can significantly impact token valuations.

Source: Coingecko

The value of the coin has increased significantly during the past day. Coingecko statistics shows that USTC surged a massive 32% to $0.05 in the previous day. Even more astonishingly, the cryptocurrency gained a commanding 335% over the previous seven days. During the specified period, its trading volume increased by 2,284%, with $1.21 billion exchanged.

Between November 25 and 27, the crypto surged over 400% before falling down to $0.04. USTC has increased by +71% to its current level since then.

A significant increase in trading volume in the hours preceding the sibling token Terra Luna Classic (LUNC) listing on Binance Futures earlier this week helped the cryptocurrency.

USTCUSDT currently trading at $0.05314 on the daily chart: TradingView.com

 

Now that Binance has disclosed that USTC will have more trading pairs available on the spot market, the purchase pressure is still present. The Turkish Lira (TRY) and First Digital USD (FDUSD), two more stablecoins, are now immediately tradeable with USTC with fiat cash.

Additionally, the development team disclosed a few days ago that they are developing an airdrop strategy for holders of LUNC and USTC.

The token has become the subject of a speculative frenzy due to recent developments. According to CoinGecko data, trading volume with USTC has increased dramatically over the past few days, reaching a peak of over $1 billion in 24-hour activity and dwarfing the less than $10 million average earlier this month.

The Influence Of Binance Perpetual Contract And Social Media Buzz

USTC has been rising sharply since the weekend. Its price started a run on Nov. 25, not long after what looked to be a golden cross on its chart. Strong price increases ensued, with USTC hitting a high of $0.075 during today’s trading session.

There is no denying that the euphoria around Binance’s introduction of a perpetual contract contributed to the rise of the USTC coin.

Social media has also been a big part of making this excitement even bigger. It’s created a wave of interest and energy that has put USTC at the top of the crypto market.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik





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