Market

Terra token price increased 10 times in 1.5 hours

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The price of an altcoin changes very quickly. In an hour and a half, it has risen in price by more than 1000%. Previously, a 95% drop in the token was recorded in one day.

In a couple of hours, the cryptocurrency gained 1014% of the price and reached $7.8. It began to rise in price almost immediately after a sharp collapse of 69 cents. By the evening of May 11, the token went down again and stopped at $4.5. From the maximum level, the cost of Terra lost almost 85%.

Another cryptocurrency, UST, also fell heavily. Its exchange rate is linked to the value of the US dollar. At the maximum decline, the strablecoin was bought for only 20 cents. After that, the token grew slightly and reached $0.5 – the cryptocurrency lost almost half of its price in a day. It is possible to stabilize it with the help of the LUNA token, with which the cryptocurrency has interdependent rates.

Crashes in the cryptocurrency market began on May 8, when TerraUSD broke the connection with the US dollar for a while. This happened due to a mass reset by one of the users of cryptocurrency immediately for $300 million.

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