Litecoin and Terra Classic (LUNC) Emerge As the Top-Performing Altcoins in the Market

Since the beginning of December 2022, the broader cryptocurrency market has been under a period of consolidation. While Bitcoin struggles to surges past its strong resistance of $17,000, there are a few altcoins who have shown major strength and have been rallying swiftly.

Today we will be discussing two altcoins - Litecoin (LTC) and Terra Classic (LUNC) which have been on investors radar recently. Over the last week, Litecoin (LTC) has seen 10% gains surging past $70 once again this year in a major decoupling move against its peer altcoins.

This month of December 2022 has been quite fruitful for Litecoin investors. However, the altcoins is currently facing a major resistance at $72.7 levels. Amid the recent price rally, CNBC host Jim Cramer went out of his way to criticise LTC investors calling them idiots. However, Jim Cramer has earned a reputation for inefficient crypto productions in the past and has received a huge thanks from the Litecoin community for his agnostic remarks.

Litecoin has been outperforming bitcoin for the second half of 2022. On-chain data provider Santiment reported: “Litecoin’s price ratio vs. #Bitcoin remains up big since large addresses began popping up at historic rates starting in May. Since June 12th, the $LTC / $BTC price ratio is up +130%. The network just hit the most 1,000+ $LTC addresses in 2 years”.

Another top performing altcoin over the last week is Terra Classic (LUNC) gaining nearly 30-35% during this same period. Amid the recent price rally, Twerra classic’s market cap also shot past $1 billion on Tuesday, December 27.

The recent rally in the Terra Classic happened amid the rising rate for the burning of LUNC tokens. The Terra Classic community passed the proposal 11111 which ultimately seeks to repeal the proposal 10983. This has increased the funding for the community pool 50% of the 0.2% burn tax instead of 10% for on-chain development.

However while everything was going fine for LUNC, crypto exchange Binance has come to play the spoilsport. In an official announcement earlier today, crypto exchange Binance announced that they have suspended the burning mechanism for LUNC until the end of March 2023. This move comes just as Terra Classic passed the proposal 11111 in order to fund the community pool. As a result, the LUNC price is down 7% as of press time trading at $0.0001608.