Terra-Related Assets (USTC, LUNC, LUNA) Skyrocket, BTC Slipped to $37K (Market Watch)

Bitcoin looked toward $38,000 yesterday but was halted in its tracks, and the subsequent rejection pushed it south to $37,100.

Most altcoins are also in the red today, but not tokens related to the Terra eco. In some cases, the price increases are by nearly 300%.

BTC to Lose $37K?

After a highly volatile business week in which BTC found itself dumping below $36,000 following the Binance-DOJ settlement, the cryptocurrency went on the offensive at the end of it and skyrocketed to an 18-month peak at $38,500.

As the community rejoiced and speculated about a potential climb toward $40,000, the bears stepped up and pushed the asset south. As such, bitcoin quickly lost the $38,000 mark and calmed at around $37,500 during the weekend.

Sunday ended with a price increase from $37,200 to $37,800, which was followed by another reversal. This time, BTC fell to a 4-day low of $37,100.

Nevertheless, the cryptocurrency reacted well and currently sits a few hundred dollars above that level. Its dominance has increased slightly now to 51.5%, even though its market cap has lost some steam and is down to $730 billion.

BTCUSD. Source: TradingView## Terra Tokens on the Rise

Most of the larger-cap alts have turned red today. Ethereum, Binance Coin, Ripple, Cardano, Tron, Toncoin, Avalanche, and Polkadot have all retraced by up to 2%.

Solana, Chainlink, and Polygon have declined by somewhere between 3-5%. Dogecoin and Shiba Inu are the only larger-cap alts in the green, with minor increases of around 2%.

Today’s top performers come from the Terra eco. The derailed stablecoin, which lost almost all of its value a year and a half ago, has exploded by 275% over the past day and 370% during the last week and currently trades at $0.06.

Terra Classic (LUNC) and Terra (LUNA) are also up by impressive percentages – 50% and 32%, respectively.

The total crypto market cap, though, has lost around $20 billion overnight and sits at $1.420 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto