Cryptocurrency Market Sees Steady Prices Amid Consolidation

The cryptocurrency market saw steady prices on Saturday, December 14, as the recent consolidation continued. Bitcoin, the largest cryptocurrency, remained above $101,382 at last check, struggling to retest its all-time high of $104,000.

Altcoins Show Strong Performance

Some of the best-performing coins on Saturday included Happy Cat, HyperLiquid, and Virtuals Protocol. Happy Cat, a fast-growing Solana meme coin, rose by 35%, while HyperLiquid and Virtuals jumped by 15% and 10%, respectively.

Other top gainers included tokens like , Ripple, Fantom, and Flare. Happy Cat’s token rally was largely due to its listing by Uphold, one of the largest crypto exchanges in the industry. This listing often leads to a rally in altcoins.

Risk of Increased Tokens on Exchanges

However, the number of tokens on exchanges has risen by 14% in the last seven days to over 464.95 million. An increase in tokens on exchanges often signals that investors are starting to sell.

HyperLiquid Network Sees Soaring Volume

HyperLiquid jumped due to its strong fundamentals. The volume of perpetual contracts traded on its platform rose by 33% in the last seven days to $37.62 billion. This increase brought its cumulative total to over $507 billion, a trend that is expected to continue.

HyperLiquid’s volume was also higher than that of Base, Solana, Ethereum, and Arbitrum, combined. The token also rose after being listed on Sandwich, a fast-growing privacy-focused exchange.

Virtuals Protocol Boasts $2.5 Billion Market Cap

Virtuals Protocol has also seen significant growth, rising from $0.0074 to $2.61, bringing its market cap to over $2.5 billion. It has become one of the largest players in the Base blockchain, helped by the ongoing hype surrounding artificial intelligence agents.

Virtuals Protocol was created as a platform to deploy AI-powered virtual characters on a Layer 2 Ethereum solution. These AI agents can operate independently and interact within various ecosystems.

Looking Ahead

The performance of most altcoins will depend on how Bitcoin performs in the near term. Most of them will continue rising if Bitcoin retests and crosses its all-time high. As previously noted, technicals point to a potential rally to $122,000 in this bullish cycle.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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