LUNC and APE Surge While Bitcoin’s $79K Level Holds Market Focus
Terra Luna Classic (LUNC) and ApeCoin (APE) led the crypto market on Tuesday, with gains of 17% and 25% respectively, while major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw modest declines. LUNC's price surged to $0.000069, supported by strong intraday momentum and rising trading volumes. APE's rally was attributed to a short squeeze following a period of high volatility and significant weekly gains.
Binance founder Changpeng “CZ” Zhao revealed in his book why the exchange retained LUNA tokens despite a $1.6 billion valuation. He cited liquidity constraints, the risk of worsening the crash, and reputational concerns as key factors in the decision. This disclosure was met with bullish sentiment on Stocktwits, where retail investor chatter around LUNC and APE remained in the ‘extremely high’ zone.
Bitcoin's $79,000 level is a critical inflection point, according to on-chain analytics firm Checkonchain. A breakout above this range could shift market sentiment from cautious to bullish, as it represents the intersection of the True Market Mean and the cost basis of short-term holders. If this level holds, it could solidify a shift from selling rallies to buying dips.
Meanwhile, major tokens like BTC, ETH, Solana (SOL), BNB, and XRP saw muted or negative movements. Bitcoin traded at $76,800, down more than 1%, while Ethereum was at $2,280, with XRP and Binance remaining mostly flat.