Investing.com – The cryptocurrency, born from the ashes of cryptos (Luna) and TerraUSD that crashed earlier this year, has been on a phenomenal rally since yesterday.
After consolidating all day Wednesday and Thursday morning just above support at $0.0001, the Terra Classic exploded higher yesterday afternoon, peaking at $0.0001396 overnight around 1 a.m. an increase of almost 40% in a few hours.
Compared to last weekend’s low at $0.0000854, the rise of Terra Classic reached on last night’s high +65.5%.
Regarding yesterday’s rise, several observers pointed to Binance’s announcement yesterday afternoon of the implementation of a Terra Classic Network (LUC) update.
Among other benefits, this update, which will be effective this evening at approximately midnight French time, will bring the functionality of staking to the Terra Classic, which is generating enthusiasm among investors.
Additionally, Binance’s support in this update lends credibility to the fledgling Terra Classic, which is welcome considering it rose from the ashes of a project that resulted in a massive scandal.
Finally, remember that Terra Classic is currently the 57th largest cryptocurrency on the market, with a capitalization of $835 million at the time of writing this article.