According to data from CoinMarketCap, TerraUSD Classic (USTC) has surged by 25.48% in the past 24 hours, reaching $0.01624 USD. Although the exact catalyst behind the stablecoin’s revival at this time is unclear, considering the buying momentum of the currency overnight, the growth of USTC appears to be quite solid.
According to the data, over $92.4 million worth of USTC has been traded in the past 24 hours, representing a staggering increase of 702%. The overwhelming reception of the stablecoin appears to have propelled its price to the highest level in over a month.
As a stablecoin pegged to the USD at a 1:1 ratio, USTC is supposed to trade at $1. However, since the historical unpegging event over a year ago, USTC has been trading significantly lower, with its highest point in the past 52 weeks reaching $0.06.
With the recent significant price increase observed in TerraUSD Classic, many community members are optimistic that the token may be gaining momentum to test the $1 price level again.
With this latest price recovery, USTC has garnered increased attention from traders and is definitely worth monitoring its trend in the near future.