Terra classic now ranks 38th out of the top 100 cryptocurrencies by market cap following the recent rise.
Despite a flat market, Terra Classic (LUNC) has pulled off another rally, rising more than 16% in the last day.
The asset’s market capitalization has successfully recaptured the $1B level thanks to the current price spike after falling below it for nearly two weeks.
The most recent LUNC campaign came right after the stock’s price dropped to a 3-month low of $0.0001269 on Wednesday.
The asset has started to recover since the fall, printing four winning candles in the last five days.
Despite this, the rally’s momentum significantly increased yesterday, as LUNC concluded the day up 10.53%.
Recent Terra Classic Developments
Since the beginning of today, LUNC has increased by another 12%, making it one of the mainstream assets on the market, with the highest percentage gain as of the time of publication.
With the continued momentum, LUNC successfully exceeded the price point at $0.00018 for the first time since December 2.
To put things in perspective, during the past day, BTC has dropped by 0.12%, while ETH has lost 0.09% of its value.
LUNC’s market capitalization has likewise increased, reaching a current valuation of $1.07B.
As a result, the asset has easily climbed to the 38th spot on the list of largest assets by market capitalization, outpacing tokens like EOS (EOS) and Pax Dollar (USDP), which at the time of publishing had market values of $964.69M and $946.94M, respectively.
LUNC has maintained its pace after encountering rejection at the 3-week high of $0.0001848; as of press time, it is trading at $0.0001796 and is up 34.05% over the previous week.
Additionally, the 24-hour trade volume increased to 191B LUNC, the highest level in 25 days. This suggests that investor interest in the asset has grown again.
Proposal 11111 Successfully Hit the Pass Threshold
The recent encouraging movements coincide with positive changes within the LUNC camp. Proposal 11111 recently achieved the pass threshold, which excited community members, as was recently mentioned.
The proposal aims to undo the conditions of Proposal 10983, which called for the community pool to receive 50% of the burned LUNC tokens.
Strong resistance to the idea of reminting that much LUNC has been expressed by pundits who think it will undermine efforts to restrict the supply of the asset through the burn project.