A sea of red has washed the crypto market over the past 24 hours, but a handful of projects have remained in the green. Two of these are Terra Luna and Terra Classic, up 29% and 46%, respectively.
Meanwhile, analysts are backing Bitcoin Minetrix to explode after it hits $4.4 million in its presale.
LUNA and LUNC Prices Soar After Binance Announces USTC Perpetual Contract
Terra Luna and Terra Classic prices boomed after an exciting catalyst in Binance announcing it will launch a USD-M USTC Perpetual Contract with 50x leverage.
The move sparked massive interest, with USTC being the algorithmic stablecoin that lost its peg to the U.S. Dollar in 2021, causing the collapse of the original Luna ecosystem.
While the community had led efforts to repeg USTC, most seemed to have given up hope. However, the Binance futures listing and growing general excitement have pushed USTC almost 200% in the last 24 hours, currently priced at $0.055.
The once “stablecoin” is currently up over 700% from its June 2022 all-time low of $0.006218 but still has room for almost a 20x to reclaim its $1 peg.
Binance’s USTC futures contract launch seems to have injected a sense of confidence into the community, driving liquidity into both Terra Luna and Terra Classic coins. This is likely speculative investors gaining exposure to the Luna ecosystems in case USTC does regain its peg.
One whale who invested is That Martini Guy. He recently took to Twitter to announce he bought 20,000,000 USTC “on the hope one day magically it repegs at $1.”
This highlights the exceptionally speculative nature of Luna-related cryptos at the moment. Still, this can lead to surprisingly fast rallies due to increased fear of missing out (FOMO).
Meanwhile, X analyst 0xNinjaCat explored catalysts for the recent pump beyond the Binance futures listing. The analysis suggested two price-related reasons. The first was that it recently broke out of a falling wedge chart pattern – a significantly bullish indication of a trend reversal.
It also pointed out the “mass forced and voluntary liquidations of short positions.” Closing short positions may be particularly impactful for USTC, given its volatile nature and the strong conviction many short sellers may have had due to Luna’s negative track record.
The analyst concluded, “$USTC is finally free to travel to its next long-term bullish target.”
However, market participants must beware that an equally strong correction could follow the strong pumps of Terra coins. This can be seen on the chart above, with USTC experiencing significant pullbacks after each parabolic green candle.
Therefore, investors may be better poised considering another high-potential crypto that has yet to pump.
One of the projects gathering the most momentum is Bitcoin Minetrix, a trending presale with unprecedented utility and market-leading tokenomics.
Stake-to-Mine Bitcoin Minetrix Enables Anyone to Earn Free BTC and Hits $4.4M at Presale
Bitcoin Minetrix is a revolutionary cryptocurrency that enables users to cloud mine Bitcoin from its Ethereum-based protocol.
Users only need an Ethereum-compatible wallet like MetaMask and $BTCMTX tokens to start.
It is based on a Stake-to-Mine premise, where users stake $BTCMTX in exchange for Bitcoin mining credits. They can burn these credits for cloud mining power, translating to free Bitcoin.
The ingenious thing about this concept is that it is suitable for anyone, regardless of financial resources or technical expertise. This starkly contrasts normal Bitcoin mining, often reserved for the wealthy and those with technical prowess.
Another advantage is that its decentralized and user-owned $BTCMTX token removes the risk of scams, which have plagued many alternative Bitcoin cloud mining solutions.
These factors have compelled top industry analysts and outlets to back the project. Michael Wrubel made a video telling his 310K YouTube subscribers why he is bullish.
Meanwhile, media bodies like Business Insider, Coin Telegraph, and Bitcoin Magazine have all endorsed it. This attests to the project’s tremendous upside potential after its IEO.
With that in mind, investors can buy the $BTCMTX presale for $0.0119, but they must be quick as its price will rise in four days.