Bitcoin (BTC) and alternative cryptocurrencies, also known as “altcoins,” slightly rebounded as analysts foresee stability returning to the market in the near term.
“There’s been massive short selling over the last few weeks, which may presage a short squeeze in the weeks ahead. Month-end rebalancing flows may also help,” David Duong, head of institutional research at Coinbase, wrote.
On the macro front, MRB Partners, a worldwide investment research organization, predicts a rebound in equities markets if global growth conditions remain stable. All speculative assets have had a difficult year so far.
At the time of writing, Bitcoin was modestly up in the last 24 hours at $28,962, Avalanche was up 7%, and Tezos XTZ was up 5% at the time of writing. The majority of cryptocurrencies were trading up between 1% and 7%.
Terraform Labs unveiled a new version of the Terra blockchain, “Terra 2.0,” earlier on Saturday, including newly generated LUNA tokens. According to data provided by CoinMarketCap, LUNA (or LUNA2) has lost about 75 percent of its initial value, selling for $4.77 as of this writing. It had previously reached a high of $19.54.
Approximately 10 minutes after the debut, LUNA tokens became accessible for trade on the bybit cryptocurrency exchange, and about an hour later, Kucoin confirmed that LUNA trading would be enabled. LUNA is now traded on seven different exchanges: Bybit, Kucoin, Kraken, MEXC, OKK, Bitrue, and BingX. LUNA futures trading is not available on any of the exchanges.
According to CoinMarketCap, the original LUNA, now known as Terra Classic (LUNC) and referred to by some as LUNA Classic, has dropped 29 percent in the last 24 hours to $0.00009031. Before a historic crash that wiped out tens of billions of dollars in value, LUNC reached a high of $119.18 last month. Just 21 million of the 1 billion new LUNA tokens were airdropped on Saturday and added to the circulating supply. The remaining tokens will be distributed in stages.
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