BTC, SOL, AVAX: The must-see cryptocurrencies of the week
The cryptocurrency market experienced a remarkable surge this week, with the global crypto market cap reaching a high of $1.82 trillion, marking an 11% increase. This impressive growth was primarily driven by the resurgence of Bitcoin (BTC), along with notable contributions from altcoins such as Solana (SOL) and Avalanche (AVAX).
Let’s take a closer look at the top cryptocurrencies to watch from the past seven days.
BTC, SOL, and AVAX prices – Feb. 11 | Source: Santiment
BTC achieves six consecutive intraday gains
Bitcoin kicked off last week with indications of an upcoming upsurge, breaking through the $43,000 resistance level on Feb. 5. However, these signs didn’t grab much attention from investors, and BTC ultimately ended the day below the $43,000 threshold.
Nevertheless, industry experts started noticing the momentum when the cryptocurrency surpassed $43,000 and $44,000 in one go on Feb. 7, closing the day above the $44,000 mark with a 2.91% gain.
The following day, BTC continued its bullish run, surpassing the $44,000 level and setting its sights on $45,000. By the end of the day, it had achieved this goal, reaching a price of $45,300, thanks to increased demand for spot Bitcoin ETFs. Data confirmed that these products had seen $1.55 billion in inflows since their inception.
Bitcoin’s sustained gains sparked a renewed interest in the market, leading to a 55% surge in trade volume from a low of $16.8 billion on Feb. 5 to $26.2 billion on Feb. 8. This surge in demand contributed to Bitcoin’s strength. Interestingly, trade volume increased again on Feb. 9, reaching a one-month high of $39.3 billion.
BTC continued to break through psychological resistance levels until it reclaimed the pivotal $48,000 price. During this phenomenal run, the world’s first cryptocurrency achieved six consecutive days of intraday gains and seems poised to make it seven. The last time BTC accomplished this feat was in October last year.
Bitcoin is currently trading at $48,163. It’s worth mentioning that the token began this week at $42,568 following a turbulent market period the previous week. Bitcoin’s current price indicates a 13% surge this week, adding a massive $108.4 billion to its market capitalization.
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SOL breaks crucial resistance
Bitcoin’s recovery campaign naturally triggered a chain reaction in the broader market, benefiting cryptocurrencies like Solana. SOL also experienced six consecutive days of gains.
On Feb. 5, SOL reached a high of $98 but faced significant resistance in its journey towards reclaiming the $100 mark. The cryptocurrency eventually succumbed to bearish pressure but still managed to end the day with a modest 0.10% gain. The following day, SOL experienced more substantial bearishness due to network issues.
On Feb. 6, Solana encountered a network outage, resulting in a temporary halt in transactions. This incident marked Solana’s first outage of the year and led to significant sell-offs, causing SOL to drop 4% below the $94 mark. The downtime lasted for five hours before network activity fully resumed.
Despite this setback, SOL quickly recovered from the price slump, closing the day at $96.85 with a 1.35% intraday gain. On Feb. 7, Solana staged a more substantial rally, finally breaking the psychological threshold of $100.
However, the most significant breakthrough came on Feb. 10 when SOL surpassed the $106 price level. Solana had encountered a major roadblock at the crucial resistance range between $106.44 and $107.20 since its decline from the all-time high in December 2023.
Previous attempts to breach this range had been unsuccessful, with bears exerting enough pressure on Jan. 11 and Jan. 30, despite a significant uptrend. The recent push helped Solana surpass this price level, and it now trades at $109.44. SOL is up 14.6% this week and aims to conquer the $110 price level.
AVAX aims for yearly high
Avalanche’s native token, AVAX, started last week on a bearish note despite a positive outlook in the broader market. This trend raised concerns and caused anxiety among investors.
The cryptocurrency experienced slight losses on Feb. 5 and 6, dropping to a four-day low of $33.7. However, an aggressive recovery move enabled the token to recoup the losses of the first two days, with a 3.34% gain on Feb. 7, reclaiming the $35 psychological price level.
Since then, AVAX has continued to record multiple gains, reaching the $41 price level on Feb. 10, as it aims to test the yearly high of $43.47.
Avalanche reached $43.47, its highest value this year, on Jan. 2. However, as the market showed signs of weakening in the following days, the token’s hopes of retesting and surpassing this level were dashed. With a bullish recovery now underway, AVAX is looking to reignite this push.
On Feb. 11, the token surged to the $41 territory once again but encountered another obstacle. AVAX is currently trading at $40.2, setting the stage for another attempt to retest the $41 price level. Avalanche would need another round of bullish momentum to propel it towards the $43 resistance.
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