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TerraUSD price prediction: USTC is no longer a stablecoin but can it bounce back?

TerraUSD price prediction: USTC is no longer a stablecoin but can it bounce back?

Since its depeg from the US dollar, the TerraUSD cryptocurrency has gone through a “makeover”. Now known as TerraClassicUSD (USTC) and no longer a stablecoin, the coin is struggling to pick up, fluctuating between the $0.03 and $0.06 levels in July 2022.

Investor sentiment on the coin remains low, as concerns prevail about its trustworthiness following Terra Lana collapse, which caused some investors to lose over 90% of their funds. What do experts have to say, and what other factors shape TerraUSD price prediction?

What is TerraUSD?

TerraUSD (USTC; previously UST) is an open-source blockchain that hosts a number of decentralised applications (dApps) and developer tools within its ecosystem.

Originally, TerraUSD was an algorithmic stablecoin, a cryptocurrency that aims to maintain a 1:1 peg with the reserve currency they back – in UST’s case, the US dollar – through algorithms.

TerraUSD launched in September 2020 in partnership with Bittrex Global and was co-founded by Do Kwon, who is also the founder of Terraform Labs, a software development company behind the creation of the TerraLuna and TerraUSD sister coins.

Terra had a dual-token system that used the stablecoin and LUNC (previously LUNA), the protocol’s native staking token, to create and stabilise UST. LUNC was also used for governance and in mining. UST coins were minted by burning LUNC tokens and could also be swapped for LUNC.

According to its whitepaper, UST was meant to have the features of a “price stable cryptocurrency that combines the benefits of both fiat and bitcoin”. This meant that, ideally, UST had to be worth $1 at all times. However, on 9 May 2022 after several years of holding its value against the US dollar, the stablecoin collapsed, or de-pegged.

The token ended up losing over 80% of its value in less than a week and has never managed to recover from the massive drop. In addition, the cryptocurrency’s de-peg had a whirlpool effect on the cryptocurrency market, dragging down other cryptocurrencies including LUNC (previously LUNA) and BTC.

Following UST’s crash, Kwon proposed forking Terra to a new chain that would entirely cut out UST and focus on decentralised finance (DeFi) applications built on the Terra blockchain. The proposal saw the creation of a new layer-1 Terra blockchain without its algorithmic stablecoin. Meanwhile the old blockchain was renamed from Terra Luna (LUNA)  to Terra Classic (LUNC) and the new blockchain would be called Terra (LUNA).

On 25 May 2022, the proposal was passed. Two days later Terra started to operate from a new blockchain. The UST token was rebranded and is currently known as TerraClassicUSD (USTC).

USTC is a decentralised stablecoin pegged to the US dollar and built on the Terra Classic blockchain. Stablecoins aren’t supported on the new LUNA blockchain launched after the cryptocurrency fork. Instead, USTC is supported by LUNC, whose purpose is to maintain the stability of Terra’s stablecoins.

The total supply of USTC tokens exceeds 10bn, with over 9.828bn tokens currently in circulation, according to data provided by CoinMarketCap,as of 14 July. The USTC cryptocurrency currently has a market capitalisation of over $337.9m and is ranked 87th biggest token.

The aftermath of the TerraUSD collapse

UST lost its peg to the US dollar on 9 May 2022 when the token dipped by 84.5% falling from past $0.9 highs on 8 May to $0.154 by 13 May.

On 25 May, UST saw its first tiny gains when Terra announced that its community voted to pass the proposal for the forking of the blockchain, gaining around 67.5% of its value and surging to $0.09463 from $0.05648 lows four days earlier.

This also meant that after 25 May, UST no longer existed. USTC replaced UST but was no longer a stablecoin.

USTC/US chart, November 2020 – July 2022

However, a positive run did not last long as the token’s value continued to decline and by 8 June had reached its lowest point of just $0.009796 – a 99% decline since its 8 May $0.9964 high.

At the time, the blockchain was celebrating the launch of Terra 2.0  and its one-week anniversary, noting that many dApps had returned to the platform and were “up and running”. However, investors were not as bullish on the cryptocurrency as its price continued to fluctuate between the $0.06 and $0.09 levels.

According to Kwon, the platform has also been struggling with a lot of “misinformation”, which could have further contributed to USTC’s bearish price in June.

In mid-June, Kwon was accused of having cashed out $2.7bn in the months leading up to UST’s collapse, however, the entrepreneur denied all allegations.

“This should be obvious, but the claim that I cashed out $2.7bn from anything is categorically false,” Kwon said in a tweet.

“To reiterate, for the last two years the only thing I’ve earned is a nominal cash salary from TFL [Terra Form Labs], and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger pointing of ‘he has too much’.

“Hope that’s clear – I didn’t say much because I don’t want to seem like playing victim, but I lost most of what I had in the crash too.”

By 29 June 2022, the token had managed to surge to $0.0811 following the announcement that SafePal Software and Hardware Wallet had started to support Terra 2.0 and LUNA tokens.

Some big news followed on 6 July 2022 when Soil Protocol, a non-fungible token (NFT) infrastructure built for Terra 2.0, announced its launch. The platform allows people to develop NFT projects without having to write smart contracts. Since reaching $0.0811, USTC fell back to $0.03443 on 14 July.

Analyst outlook on USTC

“The collapse of UST gave a wake-up call for many,” said Anndy Lian, chief digital advisor at Mongolian Productivity Organisation and the author of Blockchain Revolution 2030, told Capital.com.
“It has also helped many understand more about stablecoins and how they are designed to hold a steady value pegged to a fiat currency, and that not all stablecoins are stable by default.”

According to Lian, cryptocurrencies are in dire need of a set of rules that will help and lobby crypto rules on a global level.

“It is important to impose strong regulations before it poses more severe financial risks as the market grows bigger over time. I must emphasise again, that the regulations must be made independently and catered to the fast-moving crypto environment, not copy existing rules to crypto.”

Raullen Chai, CEO and co-founder of IoTEX, noted that very few people are bullish on LUNA and USTC.

“Since people are already losing faith in LUNA and UST (and even all algorithmic stablecoins), it is unlikely that they will survive this bear market,” he told Capital.com.

Chai said he remains optimistic about other areas of cryptocurrency markets in the long run, including “store-of-value coins such as Bitcoin and Ethereum”, and “MachineFi that is about connecting the real world into the crypto world or Web3 to address real problems and provide users with real value”.

Lian added that because USTC is still listed on several tier-one exchanges such as Binance, FTX and Kucoin, it means there are people who are still hopeful that the cryptocurrency can make a comeback. However, he urged investors to pay more attention towards projects that are building on the Terra blockchain.

Chai warned that “all cryptocurrencies are vulnerable to crashes as are all stocks.”He added:

“In crypto, as in any other business, the strongest projects with real development and solving real-world problems will always have a better chance of surviving an extreme bear market. In crypto, bear markets have a positive side which is the flushing or purging of bad projects.”

TerraUSD price prediction: 2022-2030

Despite recent bearish price action, algorithm-based forecasting service WalletInvestor gave a bullish TerraUSD price prediction.

As of 14 July, the site called USTC is “an awesome investment”. According to the website’s future USTC price prediction, the token could reach $0.376 in 2023 and jump to $1.671 by 2027.

DigitalCoinPrice supported the positive TerraUSD price prediction, but projected a much slower pace of growth in the following years. Its TerraUSD price prediction for 2022 showed that the cryptocurrency could average at $0.0515 by the end of the year.

The website’s TerraUSD price prediction for 2025 suggested that the coin could average at $0.0729, surpassing the $0.10 barrier by 2028, averaging at $0.12 in that year. Its long-term TerraUSD price prediction for 2030 indicated that the cryptocurrency could average at $0.19 during the year.

Note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. And never invest or trade money you cannot afford to lose.

 

 

Original Source: https://capital.com/terrausd-token-terraclassicusd-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Jupiter price prediction: Coinbase listing gives JUP forecast a bump

Jupiter price prediction: Coinbase listing gives JUP forecast a bump

Layer 1 blockchain network Jupiter’s native token JUP, has outperformed most cryptocurrencies in 2022 by returning over 100% year-to-date as of 12 July. JUP’s listing on crypto exchange Coinbase (COIN) in June has helped the token gain exposure to return-seeking investors amid a crypto bear market.

However, historical data from CoinMarketCap showed that JUP has been through multiple phases of peaks and troughs. The token last hit an all-time high of $0.9044 in September 2017. It lost 99.9% of its value between January 2018 and December 2020.

After more than doubling in value since the start of 2022, JUP still remains about 98% below its record levels at current prices of near $0.015. Here we take a look at what’s next for the token and what factors could shape Jupiter price prediction.

What is Jupiter?

Jupiter is a layer 1 blockchain that allows developers to build applications on top of its network. The project was developed by Missouri-based Sigwo Technologies co-founded by Steve Grove and David May.

According to the company’s website, Grove is an IT professional with over 20 years of experience and has worked in the blockchain technology sector for five years. May had previously founded a decentralised sports-betting blockchain in 2016. He is also a medical practitioner and is exploring the role of blockchain technology in the medical field.

According to its website, Jupiter uses “military-grade encryption” to store data on applications. The blockchain is powered by the Gravity framework that developers can use to create customisable and secure decentralised applications (dApps) on its network. Developers can also use the Jupiter SDK to complete common tasks like data fetching and data encrypting/decrypting.

Metis, an encrypted and decentralised messaging application, is the project’s flagship offering. According to Jupiter, users do not need to submit their personal information to use Metis. The app also offers ad-free experience and two-factor authentication security.

Leda is a non-fungible token (NFT) marketplace built on the Jupiter blockchain that uses the network’s native JUP token to create or buy NFTs. Fndr is an encryption password manager on Jupiter.

JUP is the native token of the Jupiter blockchain used to create and buy NFTs on Jupiter’s NFT marketplace Leda and to earn yield on decentralised and centralised crypto exchanges.

Token holders can also  join the Jupiter Earn program by buying a crypto called FORGE in exchange for JUP.

According to CoinMarketCap, as of 12 July, JUP is the 643rd largest cryptocurrency with a market capitalisation of about $15m. The token has a maximum supply of one billion tokens and JUP’s circulating supply was at 999.17 million tokens at the time of writing.

Coinbase listing and other JUP news

In the most recent Jupiter news, on 22 June Coinbase (COIN) announced that it will list the JUP coin on its exchange, boosting the coin’s value to reach $0.02191 on 24 June, a 70% surge from the $0.0728 a day earlier.

According to Anndy Lian, chief digital advisor at Mongolian Productivity Organization and the author of Blockchain Revolution 2030, the price spike was accompanied by a series of factors.

“Many investors were very hopeful and thought that the market had gone into a recovery mode when the increase happened. I think the market is not at its lowest right now and we could be halfway down the dip,” he told Capital.com.
“The project should market more and build up the confidence level in case the market dips further. It is a fact that most people have not heard much about JUP, and personally, I do not see any of my peers using their blockchain. Listing on Coinbase is the beginning, not the end,” Lian added.

Earlier in June, Metis Messenger was launched on Apple’s App Store. In February this year, Jupiter released Metis Messenger v1.4 that allowed sending and receiving JUP tokens. Future versions will focus on buying and selling assets and managing NFTs within the app.

In late December 2021, crypto exchange KuCoin integrated Jupiter Mainnet to allow deposit and withdrawal services. KuCoin previously listed the token in June 2021.

Earlier in 2021, Jupiter Bridge was hacked on multiple occasions. Fortunately for the users, their funds were not lost and only the Jupiter team was affected, according to the project’s blog post. JUP slumped over 50% in the fourth week of November 2021.

JUP price performance: Volatile ride

Data from CoinMarketCap showed that JUP was trading at around $0.02 on 12 January 2017. The token would see its best year in 2017 amid an initial coin offering (ICO) boom in the cryptocurrency sector.

JUP soared to an all-time high of $0.9044 on 17 September 2017. Even though the token saw its prices drop after hitting record highs, JUP closed the year over 1600% higher at $0.33.

However, its value nearly wiped out in the three years that followed. Between 1 January 2018 and 31 December 2020, the token fell from $0.33 to $0.00029, a slump of 99.9%.

JUP price got a boost after KuCoin listed the token in June 2021, rising to a high of $0.07 in the first week of that month. However, JUP prices failed to keep the momentum and fell 90% to $0.007 by 31 December 2021.

The token has rebounded in 2022 helped by Jupiter’s mainnet integration on KuCoin, release of its latest version of decentralised messaging app and token listing on Coinbase (COIN). As of 12 July 2022, JUP has gained 109% year-to-date from about $0.007 to its current price of about $0.015.

Jupiter price prediction

As of 12 July, CoinCodex’s Jupiter coin price prediction based on technical indicators showed that the token’s value could surge over 100% to reach $  0.030899 by 17 July 2022.

CoinCodex’s one-month JUP price prediction saw the token rising further to $0.047442.

For the longer term, algorithm-based website Wallet Investor’s Jupiter price prediction for 2022 suggested the token could trade at an average price of $0.00159 by the end of the year.

Wallet Investor’s Jupiter price prediction for 2025 saw the token to rise to an average price of $0.000542 by the end of 2025.

DigitalCoinPrice was bullish on JUP’s price performance for the long term. According to its Jupiter price prediction for 2030, the site expected the token to trade at an average price of $0.0695 in 2030.

GovCapital’s Jupiter price prediction as of 12 July 2022 saw the token trading at $0.214 in five years’ time.

 

 

 

Original Source: https://capital.com/jupiter-jup-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

As Bitcoin price briefly goes above $20,000 mark industry observers say, ‘Don’t get happy too early’

As Bitcoin price briefly goes above $20,000 mark industry observers say, ‘Don’t get happy too early’

As per reports, a brief rise in crypto price was witnessed in the last 24 hours and sentiment has temporarily improved.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j