Key Points
- The global crypto market cap soared by 11% to $1.82 trillion. Bitcoin (BTC) witnessed a 13% weekly increase, reaching $48,163.
- Solana (SOL) achieved a 14.6% weekly gain, overcoming network outage challenges to trade at $109.44.
- Avalanche (AVAX) targeted its yearly high, closing the week at $40.2 after a steady climb.
- Significant inflows into spot Bitcoin ETFs, with trade volumes for Bitcoin hitting a one-month high.
This week, the crypto market experienced significant bullish momentum, led by Bitcoin’s notable performance. Beginning the week with an attempt to breach the $43,000 resistance level, BTC initially faced challenges but quickly exceeded expectations, closing above $44,000 on February 7th for a gain of 2.91%. The upward trend persisted, with Bitcoin ending at $45,300 on February 8th, bolstered by $1.55 billion in inflows into spot Bitcoin ETFs since their launch. Trading volume surged to a one-month peak of $39.3 billion on February 9th. By the end of the week, Bitcoin’s market capitalization had increased by $108.4 billion, resulting in a 13% weekly rise, with a closing price of $48,163.
Solana Gains 14.6%, Recovers to $109.44 Despite Outage
Solana’s performance over the week showcased its resilience. After encountering resistance near $100 on February 5th and experiencing a 4% drop due to a network outage, SOL made a strong recovery. By February 7th, it had regained its losses and successfully exceeded the $100 threshold. The momentum continued, and by February 10th, Solana had overcome the $106 resistance, ending the week at an impressive $109.44. This represented a 14.6% weekly increase, underscoring strong investor confidence in Solana despite its technical issues.
Avalanche Eyes Yearly High, Climbs to $40.2
Avalanche demonstrated steady growth and potential throughout the week. It began with slight losses, with AVAX falling to a four-day low of $33.7. Nevertheless, the situation quickly reversed, with Avalanche gaining 3.34% on February 7th to reclaim the $35 mark. The positive trend persisted, and by February 10th, AVAX had reached $41, aiming for the yearly high of $43.47 set on January 2nd. The week closed with Avalanche trading at $40.2, well-positioned for another attempt at the $41 level.
Investor Confidence Soars as Bitcoin ETFs See Major Inflows
This week’s market activity highlights the dynamic and resilient nature of the crypto market. Notable gains across major cryptocurrencies, along with significant inflows into spot Bitcoin ETFs, reflect a bullish investor sentiment. The increased trading volume for Bitcoin further emphasizes the growing interest and confidence in the cryptocurrency market. Despite facing challenges, the digital asset sector demonstrates its capacity for quick recovery and offers promising growth opportunities for both investors and enthusiasts.
