USTC Explodes 335% In Fresh Bullish Streak – What’s Pushing The Price Up?

Christian Encila

1 year ago

4 mins read

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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.

$ust & anchor making a return, this time backed by bitcoin

will be interesting to see the stablecoin experiment continue

airdropped planned for pre-crash $luna & $ust holders and also new $ustc holders via some sort of lockdrop

could be a decent play for $ustc here just in… https://t.co/7BWe8MXkoq

— IAN (@cryptoian) November 25, 2023

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.

If you are thinking about how this #LUNC and #USTC pump is gonna end, well, the news is that it won’t

And it’s visible here why

$42M of contracts are pending right now while people are adding onto this

The meaning of Open Interest is also written here

Check for yourself 😎🍷 pic.twitter.com/q9fEIv42Rs

— Aru Basu (@klothtweets) November 27, 2023

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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