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Terra Classic leads 7-day gains amid crypto market crash

Terra Classic leads 7-day gains amid crypto market crash

The cryptocurrency market has been gripped by tension and a surge of selling pressure following the Securities and Exchange Commission’s (SEC) recent lawsuits targeting leading platforms Binance and Coinbase. These legal actions have had a profound impact on investor sentiment, as uncertainty looms over the future of these prominent exchanges and dozens of altcoins that the regulator labeled as unregistered securities.

However, amid the prevailing market pressure, Terra Classic (LUNC) has showcased remarkable resilience, emerging as the top performer among the 100 leading cryptocurrencies in terms of price gains during the past week.

In the last 7 days, LUNC rose more than 4.49% and is among the only 2 top-100 crypto assets that saw their price increase during that period, with the other one being Maker (MKR). 

7-day gains of top 100 cryptocurrencies. Source: CoinMarketCap

At press time on June 15, Terra Classic was trading at $0.0000968, up 0.73% in the past 24 hours.

LUNC 1-day price chart. Source: Finbold

Over the past month, LUNC gained over 6.7%, experiencing a volatile range from $0.0000835 to $0.000112. 

Why is Terra Classic (LUNC) rising?

LUNC’s vigor and surge likely stem from the Terra Luna Classic community’s recent efforts to prop up the cryptocurrency’s price.

Namely, on June 14, the biggest parity upgrade went live on the Terra Classic blockchain, bringing a variety of new features that were well received by the LUNC community.

Primarily, the upgrade brings Terra Classic to parity with Terra 2.0 and other Cosmos chains, and multiple security updates meant to improve the network’s reliability. In addition, it also brings the new WasmVM update, which introduced the multichain capability for smart contracts.

Binance, the world’s biggest crypto exchange, announced it will support Terra Classic’s latest v2.1.1 upgrade, leading to a temporary halt in deposits and withdrawals of LUNC. The exchange will reopen deposits and withdrawals once the blockchain returns to balance following the update.  

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