Terra Classic (LUNC) saw its price jump 14% in the past 24 hours, hitting the $0.00011 level.
LUNC is now up 25% since Thursday’s low as traders pile back into the controversial token that collapsed in 2022.
Meanwhile, crypto miners are looking ahead to the upcoming release of Bitcoin Minetrix (BTCMTX), a new Ethereum-based project that aims to streamline the process of acquiring BTC mining rewards.
LUNC Price Soars Alongside Explosion in Trading Volume
The recent surge in the LUNC price comes alongside a massive spike in derivatives trading volume.
According to Coinglass, daily trading volume rose from $4.78 million on February 1 to $9.95 million on February 4 – representing a 108% increase.
CoinMarketCap data shows that spot trading volumes are also up significantly, suggesting that investors are becoming more interested in gaining exposure to LUNC’s price movements.
The renewed interest appears to be linked to LUNC’s bullish breakout after a double-bottom pattern was confirmed on the daily price chart.
This pattern saw LUNC tap support at $0.000093 twice in the past week before soaring upwards.
With the token now sustaining itself above the critical $0.00010 psychological level, analysts and investors are setting their sights on further upside targets.
However, the 50-day exponential moving average (EMA) on the daily time frame presents a serious obstacle for bulls.
This EMA has acted as a dynamic resistance level in the past and currently sits just above LUNC’s current value.
Terra Classic Makes Surprise Revival After Previous Collapse
Terra Classic is the remnant of the original Terra blockchain’s native token LUNA, which imploded in 2022 after its algorithmic stablecoin UST lost its peg.
The “death spiral” caused LUNA to drop over 99%, prompting a rebrand to LUNC and the launch of a new Terra chain without the flawed stablecoin.
Given its disastrous downfall that shook the crypto market, LUNC was largely written off by the investment community – making the recent double-digit price surge all the more surprising.
Interest in the token appears to be purely speculative, with no fundamental drivers causing the recent price pump.
Some traders are betting on the chance of an improbable recovery for LUNC despite most analysts remaining highly skeptical of the token.
Prominent trader Javon Marks even posted an optimistic price forecast for LUNC, believing we are still in a “bullish pattern.”
Whether LUNC continues its uptrend remains to be seen, but the current market sentiment suggests a growing interest in this once-forgotten token.
New Stake-to-Mine Token Bitcoin Minetrix Poised to Disrupt Crypto Mining
While interest resurfaces in Terra Classic, many traders remain wary of its checkered past and see more potential in newer crypto projects.
One such project gaining attention is Bitcoin Minetrix (BTCMTX), a unique mining-focused token currently in presale.
Bitcoin Minetrix aims to disrupt the high barriers to entry in crypto mining by allowing users to earn BTC mining rewards simply through staking BTCMTX tokens.
This “Stake-to-Mine” model provides passive income potential without expensive hardware requirements.
Users can further boost their passive income potential by locking up their tokens in a secondary staking protocol that offers yields of 65% per year.
Given mining’s profitability right now and Bitcoin’s continued dominance, the model offers an intriguing value proposition for traders.
The market has also noticed, with Bitcoin Minetrix’s presale recently passing the $10.2 million funding milestone.
BTCMTX tokens are currently on offer for $0.0132, a discount on the planned exchange listing price.
More than 13,500 people have joined Bitcoin Minetrix’s Telegram channel ahead of the project’s official launch.
As crypto miners seek new options in 2024, Bitcoin Minetrix’s accessible mining model and presale success have positioned it as a potential breakout token.
So, while LUNC traders eye short-term profits, those focused on long-term utility and fundamentals may find Bitcoin Minetrix a better option.
Visit the Bitcoin Minetrix Presale
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