Weekend Watch: Terra Classic (LUNC) Soars 20%

By akohad Oct2,2022


Bitcoin’s weekend continues to be rather uneventful as the asset has settled at around $19,000.

Most altcoins are also quite calm today, with minor daily losses. LUNC, on the other hand, keeps rising following another double-digit price increase.

Bitcoin Boring at $19K

The primary cryptocurrency had a quiet week, unlike the previous one. Last weekend saw the asset trade around $19,000, something that didn’t really change until Tuesday.

At that point, the bulls stepped up and pushed it north. Consequently, BTC spiked to a 12-day high of $20,400. However, that was short-lived as bitcoin headed straight south and dumped below $19,000 once more.

It bounced off, reclaimed that very familiar level almost immediately, and has remained there ever since. The only exception came on Friday when it spiked to $20,000 but was rejected once again.

Saturday was quite boring once more, and the landscape now is similar, with BTC standing just inches above $19,000. Its market cap is still at $370 billion, while its dominance over the altcoins is stuck at 39.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

LUNC Steals the Show, Again

Most altcoins are also quite stagnant on a 24-hour scale, with insignificant losses. Ethereum is just over 1% down in a day, but it still remains above $1,300. It’s worth noting that ETH is among the poorest performers ever since the Merge took place just over two weeks ago.

Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, and Avalanche are also slightly in the red. Ripple, MATIC, and TRON have seen minor daily gains.

LUNC is the best performer from the mid-cap alts. Perhaps fueled by Do Kwon’s recent claims, Terra Classic is up by 20% in a day and over 50% weekly.

Nevertheless, with most other alts sitting quietly today, the overall crypto market cap stands still at $935 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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