TerraClassicUSD (USTC), the stablecoin by Terra blockchain, has been witnessing a gaining spree lately. Not only USTC but one can also see that the rebranded version of LUNA known as Terra Classic (LUNC) is surging too just like it did the past week. Before talking about the price movements let’s first know what TerraClassicUSD is all about for a better understanding of the matter.
What Is TerraClassicUSD (USTC)?
The TerraClassicUSD CoinMarketCap page mentions UST and USTC relationship stating that:
“TerraUSD (UST) is the decentralized and algorithmic stablecoin of the Terra blockchain. It is a scalable, yield-bearing coin that is value-pegged to the US Dollar. TerraUSD was created to deliver value to the Terra community and offer a scalable solution for DeFi amid severe scalability problems faced by other stablecoin leaders like Dai. Thus, TerraUSD promises users a higher level of scalability, interest rate accuracy, and interchain usage.
UST is now called TerraClassicUSD (USTC) and only trades on the old Terra Classic blockchain. According to Do Kwon, there will be no migration of USTC to Terra 2.0 and also no updated version of the algorithmic stablecoin. Thus, TerraClassicUSD is de facto a defunct stablecoin and is not expected to regain its dollar peg in the future.”
TerraClassicUSD Price Today
The TerraClassicUSD CoinMarketCap page showed that the USTC crypto was up by 21.40% and traded at $0.04666 at the time of writing on Thursday, September 8, 2022. The market cap of the coin stood at $458.12 billion, up by 21.44%. In contrast to the surge, the 24-hour trade volume of the crypto slumped by 17.90% to $170.54 billion.
The day’s high was recorded at $0.04767, which was also the month-high for USTC. The TerraClassicUSD price prediction analysis has been observed to be decent. The TerraClassicUSD price prediction rating suggests that it is set to reach a maximum price of $0.079664 by the end of this year. However, it might also tumble to a price of $0.0392 in the same amount of time.