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These Cryptocurrencies Surged 50% in 3 Days Despite Bear Market, Here's Detailed Insight

Wed, 10/12/2022 - 15:31
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Gamza Khanzadaev
Here's why these cryptocurrencies surged 50% despite bear market
These Cryptocurrencies Surged 50% in 3 Days Despite Bear Market, Here's Detailed Insight
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Despite the fact that the crypto market now seems to be in a decadent state, it still has those assets that know how to surprise. Thus, cryptocurrencies HT, the native token of the Huobi exchange, and USTC, the infamous algorithmic stablecoin from the Terra project, both managed to grow by more than 50% since the end of last week and the start of the new one.

The reasons for both cryptocurrencies showing such price action are different and exotic in their own way. Let's look at them.

New Terra LUNA Suddenly up 17%, Here's Why

USTC re-peg proposal

The reason for the rapid growth of Terra Classic USD (USTC) was the proposal of blockchain engineer Tobias Andersen to re-peg the algorithmic stablecoin to $1. By offering a mechanism similar to the quantitative easing used by the central banks of states, the developer's proposal managed to increase the price of USTC by 100% in three days, where they then began to correct.

Source: CoinMarketCap

HT rebirth with Justin Sun

The reason for HT's explosive price action was also an offer, in this case from Justin Sun. The well-known crypto enthusiast and founder of many projects was invited as a member of the newly created global advisory board of Huobi, one of the largest and oldest crypto exchanges in the world.

Source: CoinMarketCap

Speaking to Huobi employees, Sun said his work will revolve around HT, which he believes is the key to the exchange's revival. Further furor was reinforced by the news that as part of the Huobi revival plan, the exchange may try to return to the Chinese market, the possibility of which Sun did not rule out.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.