Top cryptocurrencies to watch this week: BTC, SOL, AVAX
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 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.
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.
