Crypto On April 19: Terra LUNA Zooms, BTC Out Of 'Extreme Fear Zone'

The cryptocurrency market turned green once again with Terra LUNA becoming the top driver. Top coins including Bitcoin and Ethereum surged too.

The global market cap was up 4.23% at $1.88 trillion as of 3.30 a.m. ET, CoinMarketCap data showed.

Terra LUNA surged 15.60% to $88.79. This, according to Indian exchange WazirX, is because Terra’s(LUNA) stable coin, TerraUSD or commonly known as UST, has pipped Binance USD(BUSD) to become the third-largest stable coin in terms of market cap.

"The daily chart for LUNA is traversing within an ascending channel pattern. The next resistance for LUNA is expected at $119 and an immediate is expected at $76," the WazirX research team told International Business Times.

Bitcoin rose 4.07% to $40,631. Ethereum surged 4.06% to $3036.

The WazirX's research team noted that the market sentiment for BTC has come out of the Extreme Fear zone and more buying momentum could be expected to follow. "The next resistance is expected at $48,600 and immediate support for BTC is expected at $37,600. "

Barring a slight downward movement in Tether and USD Coin, all other top 10 tokens surged.

CoinDCX said: "With crypto being seen as an inflationary hedge, its strong recovery from the start of the week is an indication of its safe-haven properties and cementing its position as an asset class in today’s finance."

In other news, South Korea's automaker Hyundai Motors is all set to become the first automaker to enter the community non-fungible token (NFT) market as the company is planning to launch 30 limited digital collectibles in collaboration with the NFT brand “Meta Kongz.”

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.