The price of Luna Classic has increased by 20%

According to CoinGecko, the value of the fraudulent cryptocurrency Luna Classic (LUNC) has increased by 20% in the last 24-hour trading period and reached its highest price since November.

Editor’s note: not financial advice!

According to Coinalyze, the surge in LUNC’s value coincided with a 75% increase in open interest in Luna Classic. The open interest is also defined as the number of contracts that investors holding long positions have to buy.

Luna Classic is the native token of the Terra ecosystem, which collapsed in March. The Terra community voted to create a new network with a new Luna token. Thus, the old Luna coin became known as Luna Classic.

As for the TerraClassicUSD (USTC) stablecoin, it grew by 48% per day. The price increase even for tokens of the Terra ecosystem is in line with the current state of the crypto market. Since the beginning of the year, the value of digital assets has been growing. Thus, for the flagship cryptocurrency, January 2023 became the most efficient month for the first time since 2021. On the night of February 1 and 2, bitcoin broke through the $ 24,000 level. This happened against the backdrop of the Federal Reserve’s (US Federal Reserve) announcement that it would raise its key policy rate range by 25 basis points to 4.5%-4.75% per annum.