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The total crypto market cap (TOTAL) and Bitcoin (BTC) dipped after a positive weekend, with the former falling by $74 billion today. Most of the altcoins followed suit with Virtuals Protocol (VIRTUAL) falling by 16% in the last 24 hours.
In the news today:-
- Stablecoins on Ethereum have reached roughly $165 billion in reserves, placing the network among the world’s largest reserve holders. Despite this milestone, ETH’s price has dipped below $4,000 as investors await signs of renewed institutional and on-chain momentum.
- Senator Elizabeth Warren’s lawyers rejected Binance founder Changpeng Zhao’s defamation claim, saying her post accurately reflected DOJ records. The dispute, tied to Zhao’s 2023 guilty plea and subsequent pardon, has reignited debate over crypto regulation and political influence in the digital asset sector.
The Crypto Market Dips
The total crypto market cap has fallen by $74 billion in the past 24 hours, now sitting at $3.59 trillion. The decline reflects cautious sentiment among investors, as profit-taking and reduced trading activity weigh on market performance. Holders’ recent decisions appear to be driving the broader market downturn.
TOTAL is nearing a potential drop to $3.56 trillion, signaling a critical support test for the overall crypto market. If global macro conditions stabilize within the next 48 hours, TOTAL could rebound and climb back toward $3.67 trillion.
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However, if TOTAL fails to hold the $3.56 trillion support, the total crypto market cap could decline further to $3.50 trillion. Such a move would deepen investor losses and reinforce bearish sentiment.
Bitcoin Is Holding Above Support
Bitcoin’s price is trading at $108,179, holding just above the crucial $108,000 support at press time. However, selling pressure continues to mount across the broader market.
If bearish conditions persist, Bitcoin could slip below $108,000 and test the $105,000 support zone. Such a move would erase a portion of recent gains and further dampen investor sentiment.
Alternatively, if Bitcoin manages to rebound from $108,000, it could retest $110,000 and reclaim it as support. A successful recovery above this threshold would strengthen the bullish narrative, boosting market confidence. Renewed institutional demand or easing selling pressure could spark a potential upside toward $112,500 in the coming sessions.
Virtuals Protocol Falls 16%
VIRTUAL has become one of the weakest performers today, dropping 16% in the past 24 hours. The token is currently trading at $1.53 after slipping through two critical support levels.
If market conditions remain weak, VIRTUAL could extend its decline toward $1.37, marking another potential support test. This level will be crucial for determining whether the altcoin stabilizes or faces additional downside.
However, a rebound remains possible as technical indicators show improving signs. The exponential moving averages (EMAs) are approaching a potential Golden Cross, with the signal line nearing a bullish crossover. If confirmed, VIRTUAL could rally toward $2.00, signaling a shift in momentum and invalidating the current bearish outlook.
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