The past 24 hours have been marked by an uptick in trading activity, reflected by the rally in the total crypto market cap (TOTAL). However, Bitcoin has continued its downward trend, plunging by another 1% during the period in review. Virtual Protocol (VIRTUAL) has emerged as the market’s top gainer.
In the news today:-
- Sam Bankman-Fried (SBF), the ex-CEO of the now-bankrupt crypto exchange FTX, has become the subject of speculation regarding a potential presidential pardon. These rumors stem from his connections to the Democratic Party and significant contributions to President Biden’s 2020 campaign.
- Hyperliquid has refuted claims of being hacked by North Korea’s Lazarus Group despite on-chain data suggesting significant fund withdrawals. Reports indicate that wallet addresses linked to North Korea deposited and withdrew large sums of ETH from the platform on December 23.
TOTAL Rebounds As Activity Picks Up
The total crypto market capitalization has increased by $45 billion over the past 24 hours as trading activity gains momentum. TOTAL currently stands at $3.24 trillion, which represents a critical support floor.
A sustained hike in buying pressure at this level will strengthen the support floor and propel TOTAL toward $3.64 trillion, the only barrier between its current value and its all-time high of $3.73 trillion.
However, if buying activity weakens, the bulls may be unable to defend support at $3.24 trillion. In the scenario, TOTAL’s value may plunge toward $3.05 trillion.
Bitcoin Records Decline
Bitcoin’s price continues to slide, shedding another 1% despite a surge in overall crypto market activity over the past 24 hours. As of this writing, the leading coin trades at $94,454, hovering just above support formed at $91,488.
On the daily chart, BTC’s negative Elder-Ray Index confirms this bearish outlook. At press time, the indicator is at -7.75.
An asset’s Elder-Ray Index measures the strength of its bulls (buyers) and bears (sellers) by analyzing its price trends against exponential moving averages. As with BTC, a negative Elder Ray Index indicates bearish dominance, suggesting selling pressure outweighs buying interest. If this trend persists, BTC’s price will break below the $91,488 support and fall toward $86,697.
On the other hand, if market sentiment improves, the coin’s price may witness a rebound and attempt to revisit its all-time high of $108,230.
Virtual Protocol Leads Market Gains
VIRTUAL, the native token of the decentralized platform for creating AI agents Virtuals Protocol, has climbed by 24% over the past 24 hours, making it the market’s top gainer.
Driven by rising trading volume, VIRTUAL’s price surge reflects actual demand for the token rather than speculative trading, suggesting the potential for a sustained rally. If the uptrend strengthens, VIRTUAL will reclaim its all-time high of $3.20.
However, if buying pressure craters, the token’s price may drop to $2.25.
Disclaimer
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