Today, the price of Luna Classic has increased by 20%, reaching its highest level since late last year.
According to statistics from CoinGecko, the price of Luna Classic (lunc) has increased by 20% in the previous 24 hours and reached its highest level since November.
Luna Classic is the token of the defunct old Terra ecosystem, which crashed in March. The Terra community voted in favour of launching a new network with a new Luna coin. Thus, the previous Luna coin became known as the Luna Classic.
Today’s price increase for Luna Classic is consistent with the pattern seen so far this year. The old Luna currency is the largest gainer among the top 50 cryptocurrencies by market capitalization during the last 30 days, increasing by 30%.
According to Coinalyze, this price spike coincides with a 75% increase in open interest for Luna Classic. Open interest is the number of outstanding derivatives contracts for an asset. It is a measurement of the amount of money entering the market for a given asset.
The previous stablecoin of Terra, now known as UST Classic, is up 60% today, making it the most valuable token monitored by CoinGecko. UST fell as low as $0.01 during the crisis, thereby losing its peg to the U.S. dollar during the Terra crash. UST Classic is now trading at $0.039, up 90% month-over-month.
The price appreciation of these ancient Terra currencies is consistent with the present status of the cryptocurrency industry. Since the beginning of the year, token prices have been rising. The cryptocurrency market has surpassed $1 trillion after falling below that threshold in November.
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