The prices of the cryptocurrencies TerraClassicUSD (USTC), Terra Classic (LUNC) and Terra (LUNA) skyrocketed, with the first of these three being the most prominent.

USTC registered a appreciation of more than 400% in the last three days to USD 0.069, its highest price in more than a year . It had not reached that price since July 2022. In this way, this currency  which was once a stablecoin appeared to be gaining some life, although it was not enough for it to regain its parity with the dollar.

Meanwhile, the LUNC and LUNA cryptocurrencies appreciated around 40% each. Such increases allowed them to return to prices they previously quoted in 2023.

LUNC reached USD 0.00012, a price level it had not touched since April, and LUNA reached USD 0.87, its highest since June.

Market Reacting to Growing USTC Burn and Do Kwon Extradition Announcement

The rises of the Terra-Luna ecosystem coins took place as USTC burning increased and Binance announced futures derivatives trading on $USTC today.

The historical maximum of 2 million USTC burned was precisely reached , according to the seven-day moving average and in total, since the fork of this coin and UST, almost 1.5 billion USTC were burned.

The burning of the USTC cryptocurrency (formerly known as UST) is a process carried out by its ecosystem and on monthly basis by the main cryptocurrency exchange, Binance.This process consists of sending the coins to a wallet address that no one has access to, removing them from circulation. In this way, its objective is to increase its value.

In turn, the recent USTC market momentum occurred against the backdrop of the Nov. 24 approval of Do Kwon's extradition. As reported by CriptoNoticias, he will be extradited to the United States or South Korea , after serving a four-month prison sentence in Montenegro for falsifying documents.

In the midst of this, the main digital currency in the market, bitcoin (BTC), has been sideways for three weeks around USD 37,000. This is the area of ​​its highs not seen in 18 months, which has fueled the general rise of the altcoin market.