Things are wild right now. We got Terra Classic, both UST and LUNA, absolutely pumping out of nowhere. We are going to be discussing why this is happening. What is interesting about what’s going on right now is that there are definitely things that have come out just today that are very interesting and where I think the price is going to go next. But, don’t forget to Register in Jet-Bot copy trading platform and earn passive income with your crypto. Users gain from 200% – 2,000% APY. Register the account to get your 3 days trial access and crypto passive income.
The overall cryptocurrency market, as we can see today, is pretty much red. We have LUNA down today, but it has recently been significantly up.
Bitcoin is just kind of sitting and chilling out where it is right now. We’re not seeing really many moves. We did dip below that $20,000 mark, but now we’re sitting just above $20,000, waiting to see what’s happening next. Like I’ve been saying to you guys, in my opinion, we’re going to see this play out again. We see what’s going on right here.
This sideways consolidation. We might see that again for the next few weeks and then another trapdoor opening to around that $14,000 mark, which is something that I see obviously we don’t know exactly what’s going to happen. All I’m personally doing is dollar cost averaging into my long-term convicted plays, convicted plays, conviction plays, whatever you want to call them.
In any case, the crypto greed and fear index is currently at 11. The market is still very scared of what’s happening in the overall world. We need to see the macroeconomic landscape improve before we can regain any sort of bullish momentum, which is why I’m skeptical of Terra Luna’s current situation. She’s down two percent in the overall cryptocurrency market, but classic Luna is down 10%; we got up UST down 30% today and then we have the new Terra 2 down 14%.
So, although they are down, we do just chuck these onto the weekly charts. We can see significant price action happening here for all of these coins, so a pullback is definitely expected. We can see here that there has been a significant pullback, but in my opinion, this is limited to these regions right now.
To begin with, we are seeing the mood boys come out in full force on YouTube, claiming that terror will be reduced to a dollar or even a single cent, ten cents, fifty cents. Whatever it is, I’ve seen a lot of comments on my channel asking me where I think it’s going. I don’t think it’s going to a dollar, I don’t think it’s going to 10 cents, and I don’t think it’s going to one cent. Let’s just break this down for a second, all right?
So if we check Terra Classic’s market cap right now, sitting at just under a billion dollars, 888 million, that’s the market cap. Let’s just round this up to the all-time high of around 40-41 billion dollars. So if we take the old market cap of around 41 billion and divide that by the new market cap, we get 46, which means this is 46 times smaller than the old market cap, which also means that if the old all-time high of the market cap happened again, we would have a price of $0.0062376; half of one penny all right, just over.
If the market cap of Terra Classic went back to the old market cap again, it would be half of one penny. Keep in mind that the majority of people that were invested in this are now liquidated. Done, kaput. Now it’s got the community behind it, and yes, we could see massive gains here. There could be five, 10 or 20 x gains to be had here, especially if there are burning mechanisms that come into place. I want you to expect what is a reality here. Even if we went back to the old all-time high in market cap, the price of Lunar Classic would only be half a penny, so keep that in mind when people saying it’s going to a dollar, people going to 10 cents, all of that sort of thing is fine. If it went to 10 cents, it would be 20 times bigger than it ever was. 20 times the size of it was 20 times the size that it used to be, so 41 times 20 = 820 billion dollars. All right, that is the market cap of the entire cryptocurrency market right now.
In my opinion, it’s not going there, but of course you can make your own decisions going forward now. With that out, there is some very interesting news coming out. If we check Binance’s wallet on TerraFinder, we can see they are holding 344 million dollars worth of Lunar Classic and over a billion UST Classic.
Very interesting stuff here and just today they released articles on how to buy Terra Classic and how to buy Terra Classic USD. It does seem like Binance is brewing up something here. We know that Czed lost a lot of money on this. We know that he was vocal about the fact that he didn’t like the way Do Kwon handled the situation. We know that he’s lost money. We know that he wants to provide value for the community. He may very well be brewing something up here now. This money that they’re holding on the Terra may very well just be liquidity for the exchange. Keep that in mind, but it is definitely possible that there is something brewing here now.
With all of that said, of course, I don’t want to be against you guys. I’m holding some terror classics. I would love to see a comeback. I would absolutely love to see Terra Classic go back to half a cent or the 41 billion dollar market cap. I would absolutely love to see it go higher. It’d be incredible. It’d be one of the best comeback stories ever in crypto, and we are a part of it right now. I used to be a holder, but I got absolutely decimated from that. I’m a holder of classic with just a very small amount in my portfolio. I would love to see the market cap come back. I think it would be amazing. The community would be made whole and it would be amazing. It’d be great.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/BLRpS0Wj–E ]