The Terra Classic (LUNC) and Celsius (CEL) cryptocurrencies currently look promising. However, the overall decline of the crypto market could pose a problem as things seem to be looking up for these two projects. It’s hard to know what we can expect.
Luna and Celsius: the hardest part is behind?
Cryptocurrencies have seen a dramatic decline in value in recent months. This happened after almost two and a half years of continuous increases. Earlier this year, the Luna ecosystem crashed and caused a lot of trouble for the crypto market.
It seemed that all the crypto players lost interest in the Luna project but the Terra Classic (born after the collapse) surprised the markets with an unexpectedly large rise. Within a week, the value of Terra Classic increased by more than 152%. It went from $0.0000006 to $0.000275.
LUNC has gained over 57% in the past 24 hours and is currently trading at $0.00025868. The price is still far from the high (ATH) of $119 reached on April 5, but remains respectable when looking at the medium-term view from the bottom.
LUNC’s market cap has also grown tremendously. The latter was $716 million as of August 25, but jumped to $2.23 billion today.
While part of the Terra ecosystem and its founder, Do Kwon, have migrated to the new Terra Luna blockchain, the community continues to grow on the old network. New initiatives combining stacking and burning have recently emerged, leading to a significant increase in LUNC. But this is not the only project in a difficult position that is sticking its head out of the water.
The positive curve of the CEL token continues for Celsius. On September 2, the token hit its daily high of $1.67. This price was above yesterday’s price of $1.15, marking a 50% increase.
There is still a long way to go for both projects
Celsius Network – the parent company of Celsius Token – has filed a lawsuit to return some of its customer funds that had been blocked. But beware, this spectacular recovery is accompanied by a significant drop in trading volumes, which implies that traders lack confidence in the market.
Investors had predicted a crypto winter, but no one knew when it would start. Cryptocurrency values weren’t the only part of the market affected when the crypto winter unexpectedly arrived in 2022. Many crypto companies struggled due to the dramatic drop in prices, including Celsius Network.
The company’s bankruptcy caused a $2.85 billion hole in its balance sheet. In order to fill this void, the crypto credit company closed the accounts of its customers. On the other side, the collapse of the Terra Luna project precipitated a cascade of liquidation in the market. The recent rise in their price has left investors confused and perplexed.
Most industry players are wondering what caused the sudden rally. Recently, the founder of TerraForm Labs said he was sure there was a mole on his team. However, it is information that many people suspect since the famous group of activists Anonymous was determined to bring him to justice.
For its part, the Celsius platform is trying to do everything possible to be able to return the funds to its customers, which is a good thing. However, this does not solve all the problems of society, as of July 10, Earn accounts contained over 4.2 billion in crypto assets. So even with a 50% rise in the price of cryptos, there is no guarantee that the company will pull through.
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Will Luna and Celsius be able to resurface?
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