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Terra’s LUNA Soars 17% Amid Wider Crypto Market Recovery

19 Apr, 20222 min readRegulation
Terra’s LUNA Soars 17% Amid Wider Crypto Market Recovery

LUNA, the governance token behind the fast-growing Terra network, rallied from $76.44 to the daily high of $91.6 on Tuesday, leading the charge of the rest of the crypto market.

Despite a slight correction from its intraday high, LUNA is still up some 17.2% over the day by press time, trading at $8.85, per CoinMarketCap.

The latest price action also saw LUNA, which enjoys a market cap of more than $31.5 billion, reclaim the eighth spot in the rankings. The ninth-placed Cardano (ADA) has a market cap of $31.3 billion.

The token also witnessed an impressive amount of daily trading volume, which is up 108% in the past 24 hours to exceed $3.1 billion.

LUNA is one of the Terra network's native tokens, including several decentralized stablecoins.

The most popular of them is TerraUSD (UST), which is also the largest decentralized stablecoin, ranking ahead of MakerDAO’s DAI.

It hit another milestone on Monday, surpassing Binance USD (BUSD) in terms of market cap to become the industry’s third-largest stablecoin behind only Tether (USDT) and USD Coin (USDC).

Crypto market rebounds

Elsewhere, amid the moderate post-Easter recovery, the price of Thorchain’s RUNE is up 15.6% over the last 24 hours, making it the second-largest gainer of the day behind LUNA. After that NEAR, the native token of the Near Protocol, jumped 13% in the last day.

Bitcoin (BTC), which fell below $39,000 on Monday, is back up 4.52% over the same period, changing hands at about $40,662 by press time.

Ethereum (ETH) is likewise up 4.83% over the day, currently trading at about $3,03.

Among other top ten largest cryptocurrencies by market cap, Binance Coin (BNB), Solana (SOL), and Avalanche (AVAX) have surged by roughly 6%.

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