LONDON, United Kingdom – Virtuals Protocol (VIRTUAL), an artificial intelligence (AI) cryptocurrency, saw a remarkable surge of 42% in just 24 hours following its listing on the Bithumb exchange. This growth was accompanied by a 90% increase in open interest, despite experiencing a rise in short liquidations.
On November 29th, Virtuals Protocol (VIRTUAL) reached a new all-time high of $1.42 before slightly retracing to $1.29. The cryptocurrency’s market capitalization also soared to $1.28 billion, reflecting the significant investor interest in this digital asset.
Trading volumes for VIRTUAL spiked by over 100% to $166 million within a 24-hour period, indicating strong market activity. The recent listing on the Bithumb exchange, where it is now available for trading with Korean Won pairs, likely contributed to this surge in trading volumes.
Whale interest in VIRTUAL has been steadily increasing, with four whale addresses acquiring 5.87 million tokens over the past three days. This significant accumulation by large investors further underscores the growing appeal of VIRTUAL within the crypto market.
As VIRTUAL continues to outperform the broader cryptocurrency market, fueled by heightened whale activity and trading volumes, questions arise about its sustainability. Will the bullish momentum persist, or is a trend reversal on the horizon?
Technical indicators suggest that VIRTUAL is currently exhibiting strong bullish signals. The positive Directional Indicator (DI) is trending above the negative DI on the cryptocurrency’s four-hour chart, indicating a strengthening uptrend. Moreover, the Money Flow Index (MFI) at 85 signals intense buying pressure, possibly pushing VIRTUAL into overbought territory.
In the derivatives market, VIRTUAL’s open interest (OI) has surged by 90% to $30 million, with derivative trading volumes also rising by 171% to $167 million. This spike in open interest, coupled with price gains, suggests that derivative traders are actively opening new positions on VIRTUAL.
The increased liquidations around VIRTUAL, totaling $634,000, mainly from leveraged short positions, may have contributed to further gains for the cryptocurrency due to forced buying. This dynamic could potentially lead to heightened volatility in the market.
Across the AI crypto sector, Virtuals Protocol (VIRTUAL) stands out as a top performer, ranking as the second-largest AI Agent after Artificial SuperIntelligence Alliance (FET). The sector has experienced a notable 18% surge in total market capitalization to $7 billion within 24 hours, showcasing the growing dominance of AI cryptos in the market. VIRTUAL’s rising prominence within this sector hints at promising future gains for the token.