The crypto market recorded a late-minute screamer this week, with the global crypto market cap soaring 11% to a high of $1.82 trillion.
This impressive growth was majorly triggered by the resurgence of Bitcoin (BTC) with altcoins such as Solana (SOL) and Avalanche (AVAX) making unique contributions, as well.
Here’s a look at the top cryptocurrencies to watch from the past seven days.
BTC, SOL and AVAX prices – Feb. 11 | Source: Santiment BTC records six straight intraday gains
Bitcoin started last week with signs of an imminent upsurge, instantly breaking the $43,000 resistance point on Feb. 5. These signs did not particularly capture investors’ attention, as BTC eventually ended Feb. 5 below the $43,000 threshold.
However, industry commentators began observing this momentum when the crypto token breached $43,000 and $44,000 in one fell swoop on Feb. 7, closing the day above the $44,000 mark amid a 2.91% gain.
The next day came with its bullishness, as BTC transcended the $44,000 level, with its eyes set on $45,000. The asset achieved this goal with a $45,300 price at the close of the day, as spot Bitcoin ETFs recorded greater demand. Data confirmed that these products had seen $1.55 billion inflows since inception.
Bitcoin’s sustained gains triggered a resurgence of market interest. Trade volume skyrocketed 55% from a low of $16.8 billion on Feb. 5 to $26.2 billion by Feb. 8. This surge in demand contributed to Bitcoin’s strength. Interestingly, trade volume increased again on Feb. 9, hitting a one-month high of $39.3 billion.
BTC continued breaching more psychological resistance levels until it reclaimed the pivotal $48,000 price. Amid this phenomenal run, the firstborn crypto has recorded six consecutive days of intraday gains, and looks poised to seal a seventh day. The last time the asset achieved this feat was last October.
Bitcoin now trades at $48,163. It bears mentioning that the token began this week at $42,568 following a worrisome market turbulence in the previous week. Bitcoin’s current price indicates that the token has surged 13% this week, adding a massive $108.4 billion to its market cap.
You might also like: Immutable X, Pendle, Bonk lead crypto markets weekend charge
SOL breaks pivotal resistance
Bitcoin’s recovery campaign expectedly catalyzed a chain reaction in the broader market. Solana was one of the beneficiaries of this market-wide uptrend, equally witnessing six consecutive days of gains.
SOL skyrocketed to a high of $98 on Feb. 5, but faced massive opposition on the journey to reclaim the $100 mark. The asset eventually gave in to bearish pressure, but retained a meager 0.10% gain that day. Moreover, the second day introduced more substantial bearishness due to network issues.
Solana experienced a network outage on Feb. 6, resulting in a halt in transactions. This incident, which marked Solana’s first outage for the year, led to massive selloffs, as SOL collapsed 4% below the $94 mark. The downtime lasted for five hours before network activity resumed fully.
Despite this event, SOL immediately recovered from the price slump, closing the day at $96.85 amid a 1.35% intraday gain. Solana engineered a more substantial rally on Feb. 7 to finally break the $100 psychological threshold.
However, its most important breakthrough came up on Feb. 10 when it surmounted the $106 price level. Solana had faced a major roadblock at the pivotal resistance range between $106.44 and $107.20 since its collapse from the December 2023 high.
All attempts to breach this range proved futile, with the bears mounting enough pressure on Jan. 11 and Jan. 30 despite a substantial uptrend. The latest push helped Solana breach this price level, which now trades for $109.44. Solana is up 14.6% this week, with a goal to conquer the $110 price level.
AVAX targets yearly high
Avalanche’s native token, AVAX, started last week on a bearish note despite a favorable outlook across the broader market. This trend triggered investor angst, leading to concerns.
The asset recorded mild losses on Feb. 5 and 6, dropping to a four-day low of $33.7.
However, an aggressive recovery move saw the token recover the losses of the first two days, with a 3.34% gain on Feb. 7 which led to the reclamation of the $35 psychological price level.
AVAX has since continued to record multiple gains, clinching the $41 price on Feb. 10 in a push to hit the $43.47 yearly high.
Avalanche hit $43.47 — its highest value this year — on Jan. 2. However, as the market witnessed declining strength in the days that followed, the token’s hope of retesting and breaching this level was dashed. With a bullish recovery engulfing the scene, AVAX seeks to reignite this push.
The token again surged to the $41 territory on Feb. 11, but faced another roadblock. AVAX now trades at $40.2, preparing the ground for another push to retest the $41 price. Avalanche would require another round of bullish momentum to set sail toward the $43 resistance.
Read more: New York extends lawsuit against DCG to $3b after Genesis settlement
