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IOTA, ORDI, Terra Surge, Leading the Altcoin Market Rally
- Terra Classic and TerraClassicUSD are rallying significantly, outperforming Bitcoin, amid plans for an overhaul and Binance’s new trading options.
- IOTA is experiencing significant gains, with a 96% increase in seven days, likely due to a $100 million foundation in Abu Dhabi and expansion in the MENA region.
- Ordi ranks as the third top gainer, with a 94% increase over the past week, potentially driven by its recent listing on Bitget.
Terra Ecosystem With Comeback?
Terra Classic (LUNC) remains the best performing digital asset over the last few days. While Bitcoin (BTC) gained 9.66% in the past week and 3.76% in 24 hours, LUNC has soared by 112% in seven days and 40% in 24 hours. Even TerraClassicUSD (USTC) has made an impressive 48% gain in the last week, increasing by 13% in the past 24 hours.
USTC is the stablecoin that famously lost its dollar peg in May 2022. The event saw the breakdown of the Terra blockchain and wiped out close to US$ 45bn (AU$ 67bn) in what remains one of the biggest crypto fiascos.
Now 18 months after the crash, there are some explanations why LUNC and USTC have rallied. First, Binance started offering perpetual contracts with 50x leverage for USTC. Second, are the plans to overhaul USTC by collateralising Bitcoin in a new UST 2.0.
IOTA Continues Its Surge
Meanwhile IOTA (IOTA), a quantum-resistant crypto and distributed ledger technology catering to the Internet of Things (IoT) also continues to make huge gains. The price of IOTA has gone up 96% in seven days and 10% in the past day alone.
IOTA’s performance is likely linked to a US$100 million (AU$150 million) foundation in Abu Dhabi, supporting its technology in the Middle East and aligning with Abu Dhabi’s crypto-friendly initiatives. The focus is on expanding in the MENA region, Africa, and Asia, particularly in UAE’s trade and finance sectors. Market analysts CapitalTA see the price of IOTA reach US$ 2.00 (AU$ 3.00) which is still an impressive 5.88X return from the current US$ 0.34 (AU$ 0.51).
ORDI – What’s Behind the Surge?
Ordinals (ORDI) is the third top gainer over the past week, gaining an impressive 94% in the past seven days and 14% in the past 24 hours.
ORDI is a DeFi tool that adds functionality to Bitcoin by enabling users to inscribe data on individual satoshis, creating Bitcoin-based NFTs. ORDI is a highly speculative token on the Ordinals-BRC20 platform, linked to Bitcoin Ordinals. It has a max supply of 21 million units and was recently listed on Bitget.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
