Market Watch: Terra USTC Skycokets 62%, EthereumPOW Up 17%

The infamous UST(C) stablecoin from the Terra ecosystem has skyrocketed by over 60% in the past 24 hours.

After marking a multi-month high yesterday above $24,000, bitcoin was violently rejected and has dropped by almost $1,000 since then.

Most altcoins are also in the red today, but there’re some notable exceptions. The so-called Classic tokens from the Terra ecosystem, as well as ETHW, are all up by double digits.

BTC Stopped at $24K

Bitcoin closed its best month in over a year in January, even though it slipped below $23,000 at the end of it. The focus went on the US Federal Reserve on February 1 as it was scheduled to conclude its first FOMC meeting of the year and to raise the key interest rates by 25 basis points.

This is precisely what transpired on Wednesday, as the rates in the US now are up to 4.75. While it didn’t lead to immediate price fluctuations, BTC went on a roll later on, jumping to $24,350 (on Bitstamp).

This became bitcoin’s highest price tag since August last year. However, the bulls came out to play at this point and have since pushed the asset south hard. As a result, bitcoin slipped below $23,500, where it’s currently situated as well.

Nevertheless, its market cap has remained above $450 billion, but its dominance over the alts is down to 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

USTC, LUNC, ETHW Skyrocket

While most larger-cap alts have retraced slightly, Terra Classic and USTC have gone in the opposite direction. Both tokens from the Terra ecosystem are up by double-digits, as USTC’s surge is particularly impressive. The controversial algorithmic stablecoin has skyrocketed by over 60%.

Ethereum POW is another notable gainer on a daily scale, having surged by 17% to $4.6. At the same time, Ethereum is down by 1.5% to $1.650. Binance Coin, Ripple, Cardano, Dogecoin, Polygon, OKB, Solana, and Litecoin are also in the red from the larger caps.

Polkadot and Shiba Inu are among the few exceptions, as well as Ethereum Classic. All of these have increased by up to 5%.

The cumulative market cap of all crypto assets has lost some ground since yesterday and is now down to $1.075 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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