Top 3 Gainers VIRTUAL, EGLD, TRUMP: Altcoins surge amid shattering $866M liquidations
- Liquidations surge in a bullish crypto market, reaching $866 million in 24 hours.
- Virtuals Protocol climbed over 34% to $1.95 in the last 24 hours, indicating broader risk-on sentiment.
- EGLD extends gains above 19.00, breaking above the 100-day EMA in a market-wide recovery.
- TRUMP meme coin targets $20.00 ahead of the much-anticipated dinner featuring the top 220 holders on May 22.
The rapid cryptocurrency rally led by Bitcoin (BTC) has left traders counting losses, with liquidations in the last 24 hours reaching a staggering $866 million on Friday. Altcoins in the top 200, led by Virtuals Protocol (VIRTUAL), MultiverseX (EGLD), and Official Trump (TRUMP), exploded in unison with Bitcoin, posting double-digit gains.
US-UK trade sparks optimism as cryptocurrencies soar
A trade deal between the United States and the United Kingdom (UK) announced by President Donald Trump on Thursday heightened the risk-on sentiment in the market, as investors positioned for extended gains.
The limited bilateral trade agreement retained President Trump's 10% tariff on British exports. However, it modestly expanded both nations' access to agricultural products and services. Additionally, it reduced the strict US duties on British car exports.
Meanwhile, Treasury Secretary Scott Bessent and top trade negotiator Jamieson Greer will be in Switzerland this weekend to start trade talks with top officials representing the Chinese government.
Market sentiment surged before and after the trade deal between the US and the UK, triggering a 3.6% increase in the total market capitalisation to $3.32 trillion. However, more than 200,000 traders have been left counting losses, as CoinGlass data reveals massive liquidations amounting to $866 million in the last 24 hours.
Long positions comprised $148 million of the liquidations, while shorts accounted for approximately $715 million. The biggest single liquidation, worth $11.97 million, happened on Binance's BTC/USDT pair.
Derivatives market liquidations data | Source: CoinGlass
Virtuals Protocol reclaims the $2.00 level
Virtuals Protocol's price hovers slightly above $2.00 at the time of writing, down slightly on the day as investors adjust positions after a massive 34% surge over the last 24 hours.
The token sits on top of all the applied moving averages, including the 50-day, the 100-day, and the 200-day Exponential Moving Averages (EMAs). A buy signal from the SuperTrend indicator validates the uptrend, suggesting that gains could last longer than expected.
Based on the position of the Moving Average Convergence Divergence (MACD) indicator above the centre line, the path of least resistance is currently upward, with support above $2.00 likely to encourage traders to seek exposure rather than sell VIRTUAL.
VIRTUAL/USD daily chart
The oversold Relative Strength Index (RSI) indicator at 74.54 is worth monitoring, as it could signal a trend reversal if it slides into the neutral territory below 70. Besides support tested on Thursday at $1.36, the other key target on the downside is the moving averages confluence around $1.13.
MultiverseX uptrend gains momentum
MultiverseX's price trades around $19.90 at the time of writing after rallying to $21.00 in the Asian session on Friday. Bulls have the upper hand based on key indicators such as the MACD and the RSI. The MACD holds high above the centre line while the RSI indicator at 67.57 nears the overbought.
If EGLD holds steadily above the 100-day EMA at $19.57, traders could keep their positions open, awaiting another rally past the 200-day EMA at $24.02 or even the next medium-term target at $30.00.
EGLD/USDT daily chart
TRUMP meme coin's rally spurs investor optimism
The Official Trump meme coin's price edges higher at the time of writing, up nearly 10% on the day to trade at $13.85. A recent support around $10.00 allowed TRUMP to collect liquidity, influencing the massive upswing that tagged the 100-day EMA at $14.54 before correcting slightly.
Optimism for a larger rally will likely surge as an exclusive dinner for the top 220 holders of the meme coin approaches. The dinner will be held at Trump National Golf Club in Washington, D.C., and will be attended by President Trump. A more exclusive invite has been extended to the top 25 holders of TRUMP, where they will receive a "Special Tour" of the White House.
TRUMP/USDT daily chart
Sentiment could stay positive ahead of the dinner with the TRUMP meme coin targeting highs above $20.00. The MACD and RSI indicators support the current rally, but traders should remain cautious. If the RSI hits overbought levels, a reversal might occur.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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