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.
