The cryptocurrency market has exploded today, as trading volume increased by 69% in the past 24 hours. This increased activity has driven up overall market value, with many altcoins recording gains.
ai16Z (AI16Z), Virtuals Protocol (VIRTUAL) and aixbt by Virtuals (AIXBT) are some of the altcoins featured today with notable price increases.
ai16Z (AI16Z)
During early trading on Tuesday in Asia, a crypto shark was withdraw 5.64 million AI16Z Tokens, valued at over 6 million USD, from Gate.io. This transaction increases the shark holdings, which now reach 15.95 million AI16Z, worth approximately $17.86 million.
Such exchange withdrawals are often seen as bullish price signals, as they indicate investors are moving assets away from the exchanges, signaling an intention to sell down. This reduction in selling liquidity could create upward price pressure, especially if demand stabilizes or increases.
This has happened with AI16Z, whose value has increased by 16% in the last 24 hours. If this positive move lasts, its price could return to a peak of $2.50. However, a change in market trend will negate this bullish assessment. In that case, AI16Z price could drop to $0.68.
Virtuals Protocol (VIRTUAL)
VIRTUAL, the internal token powering the decentralized platform for creating and monetizing AI agents, Virtuals Protocol, is one of the standout altcoins today. Currently trading at $2.72, recording a 16% increase in the past 24 hours.
The token’s rising Balance of Power (BoP) indicates that its rally is supported by real demand from market participants. As of the time of writing, this index is in an uptrend at 0.26.
BoP measures the power of buyers and sellers. When it rises during a bull run, it shows that buyers are in control, reinforcing the uptrend and indicating strong bullish sentiment.
If this trend continues, VIRTUAL’s price could rise to an all-time high of $5.25, its last price traded on January 2. Conversely, if token accumulation declines, VIRTUAL’s price could drop to $1.31.
aixbt by Virtuals (AIXBT)
Altcoin AI agent AIXBT is another asset worth paying attention to today. It trades at $0.56 and has experienced a 39% price increase in the past 24 hours.
On the daily chart, its Elder-Ray Index is positive at 0.05. This indicator measures the strength of bulls and bears by comparing high and low prices with an exponential moving average (EMA). When the index is positive, it shows that bulls are dominant in the market, suggesting upward price pressure and an uptrend.
The price of AIXBT could rise to an all-time high of $0.66 if this uptrend continues. Conversely, if selling pressure increases, the price will return to $0.46.