The crypto market saw a last-minute outcry this week, with global crypto market capitalization rising 11% to a high of $1.82 trillion.
This impressive growth was primarily driven by the resurgence of Bitcoin (BTC), with altcoins such as Solana (SOL) and Avalanche (AVAX) also making unique contributions.
Here is a look at the top cryptocurrencies to keep an eye on over the past seven days.
BTC, SOL and AVAX Prices – February 11th | Source: Santiment
BTC records six consecutive intraday gains
Bitcoin began last week with signs of an impending rally and immediately broke the $43,000 resistance point on February 5th. These signs did not particularly attract investors' attention, as BTC eventually closed below the $43,000 threshold on February 5th.
However, industry commentators began to observe this dynamic when the crypto token broke through the $43,000 and $44,000 levels in one fell swoop on February 7, closing the day above the $44,000 level with a gain of 2.91%.
The next day brought an uptrend as BTC crossed $44,000 and its target was set at $45,000. The asset reached this target with a price of $45,300 at the end of the day as spot Bitcoin ETFs saw greater demand. Data confirmed that these products have seen $1.55 billion in inflows since their launch.
Bitcoin’s continued gains sparked a revival of market interest. Trading volume increased 55% from a low of $16.8 billion on February 5th to $26.2 billion on February 8th. This surge in demand contributed to Bitcoin's strength. Interestingly, trading volume increased again on February 9, reaching its highest level in a month at $39.3 billion.
BTC continued to break further psychological resistance levels until it reclaimed the crucial price of $48,000. Amid this phenomenal rise, the first-born cryptocurrency posted six consecutive days of intraday gains and looks poised to seal the seventh day. The last time the asset achieved this feat was last October.
Bitcoin is now trading at $48,163. It is worth noting that the token started this week at $42,568 after worrisome market turmoil the previous week. Bitcoin's current price shows that the token is up 13% this week, adding a whopping $108.4 billion to its market cap.
SOL breaks through crucial resistance
Bitcoin's recovery campaign predictably triggered a chain reaction in the broader market. Solana was one of the beneficiaries of this market-wide uptrend, also posting six straight days of gains.
SOL shot to a high of $98 on February 5, but faced massive resistance on its way to reclaiming the $100 mark. The asset eventually gave in to downward pressure but posted a meager 0.10% gain on the day. Additionally, the second day resulted in a stronger bearish trend due to network issues.
On February 6, Solana experienced a network outage that caused transactions to stop. This incident, which marked Solana's first outage of the year, led to massive sell-offs as SOL plunged 4% below the $94 mark. The downtime lasted five hours before network activity fully resumed.
Despite this event, SOL immediately recovered from the price drop and closed the day at $96.85, representing an intraday gain of 1.35%. Solana led a more significant rally on February 7 to finally break the psychological threshold of $100.
However, the most important breakout came on February 10th when the price crossed the $106 mark. Solana has faced a major hurdle in the key resistance area between $106.44 and $107.20 since its breakdown from the December 2023 high.
All attempts to break this range proved unsuccessful as bears applied sufficient pressure on January 11th and 30th despite a significant uptrend. The latest push helped Solana break through this price level, which is currently trading at $109.44. Solana is up 14.6% this week, aiming to clear the $110 price level.
AVAX is aiming for an annual high
Avalanche's native token, AVAX, started bearish last week despite a positive outlook in the broader market. This trend sparked fears and raised concerns among investors.
The asset posted slight losses on February 5 and 6, falling to a four-day low of $33.7.
However, an aggressive recovery move allowed the token to recoup the losses of the first two days, with a gain of 3.34% on February 7, leading to the restoration of the psychological price level of $35.
Since then, AVAX has continued to post multiple gains, securing the price of $41 on February 10 to reach its yearly high of $43.47.
Avalanche hit $43.47 on January 2nd, its highest this year. However, as the market experienced fading strength in the following days, the token's hopes of retesting and breaking above this level were dashed. With a bullish recovery sweeping the scene, AVAX is looking to re-energize this push.
On February 11, the token rose again to the $41 mark but faced another hurdle. AVAX is now trading at $40.2, setting the stage for another attempt to retest the $41 price. Avalanche would require another round of bullish momentum to set sail towards the $43 resistance level.
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