In the past 24 hours, trading activity has increased, reflected in the rise of the total cryptocurrency market capitalization (TOTAL). However, Bitcoin continues its downward trend, dropping another 1% during the review period. Virtual Protocol (VIRTUAL) has become the stock with the largest increase in the market.
With the economic activity warming up, total output rebounds
With continuous growth in trading activity, the total cryptocurrency market capitalization increased by $45 billion in the past 24 hours. The current total market capitalization is $3.24 trillion, representing a key support baseline.
Sustained buying pressure at this level will strengthen the support baseline and push the total stock price towards $3.64 trillion, which is the only obstacle between its current value and its historical high of $3.73 trillion.
Cryptocurrency market capitalization analysis.
However, if buying activity weakens, bulls may not be able to hold the support level of $3.24 trillion. In this case, the total market value may drop to $3.05 trillion.
Bitcoin sets a record for decline
Bitcoin prices continue to decline, despite a surge in overall cryptocurrency market activity in the past 24 hours, its price still fell by 1%. As of the time of writing, the trading price of this leading token is $94,454, slightly above the support level of $91,488.
On the daily chart, BTC's Elder-Ray index is negative, confirming this bearish view. As of the time of writing, the indicator is -7.75.
The Elder-Ray index of the asset measures the strength of its bulls (buyers) and bears (sellers) by analyzing its price trends against the exponential moving averages. Like BTC, a negative Elder-Ray index indicates a bearish dominance, suggesting that selling pressure is greater than buying interest. If this trend continues, BTC's price will fall below the support level of $91,488 and drop towards $86,697.
Bitcoin price analysis.
On the other hand, if market sentiment improves, the price of this token may rebound and attempt to return to the historical high of $108,230.
Virtual protocol leads market growth
VIRTUAL is the native token of the decentralized platform Virtuals Protocol for creating AI agents, which has risen by 24% in the past 24 hours, becoming the token with the largest increase in the market.
Driven by rising trading volume, the price of VIRTUAL has surged, reflecting actual demand for the token rather than speculative trading, indicating significant upside potential. If the upward trend strengthens, VIRTUAL will reach its historical high of $3.20 again.
Virtual price analysis.
However, if buying pressure weakens, the price of the token may drop to $2.25.