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, SOL and AVAX prices – Feb. 11 | Source: Santiment

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. 
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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.

Solana bullish as Celestia and Shiba Inu competitor attract elite investors

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
It is challenging to predict the future of cryptocurrencies. Even so, some experts are confident in Solana (SOL) and Rebel Satoshi (RBLZ)

Solana: leading the charge

Solana offers fast transactions and low fees. 
Experts believe the rise in on-chain activity and its ability to compete with Ethereum signals future growth. 
Some experts even predict Solana will continue outperforming Ethereum in the next market cycle.

The rise of Celestia and Rebel Satoshi

Solana, Celestia (TIA), and Rebel Satoshi are popular cryptocurrencies. 
Celestia rivals Shiba Inu and has gained attention for its impressive gains and strong community support. 
Rebel Satoshi, on the other hand, has a different approach to decentralized finance and is backed by elite investors. 
You might also like: Osmosis, Celestia, Kaspa lead cryptocurrency gainers 
Investors are excited about the presale of Rebel Satoshi, with some considering the project. 
The increasing interest in cryptocurrencies as an alternative investment is due to the volatility of traditional markets. 
Elite investors are diversifying their portfolios to include top crypto coins and promising altcoins.

Rebel Satoshi presale

The Rebel Satoshi presale is ongoing, with 25 million RBLZ left. 
You might also like: Solana grappling with phishing scams; Algorand and Rebel Satoshi may benefit
Rebel Satoshi aims to bring something new to decentralized finance and has a strong community supporting it. 

Final thoughts

Investors appear interested in Solana, Celestia (TIA), and Rebel Satoshi. The Rebel Satoshi presale is ongoing, and only 25 million RBLZ are left. 
Read more: Investors drop XRP for Sui and Rebel Satoshi 
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Bitcoin crosses $48K, Solana suffers outage, MicroStrategy grows stash | Weekly Recap

Bitcoin (BTC) once again crossed $48,000 amid a sustained week-long uptrend. At last check on Sunday, Feb. 11, the world’s largest cryptocurrency by market cap was trading at $48,067.30.
Solana (SOL), meanwhile, is still in the spotlight after it recorded its first network outage of the year. And MicroStrategy revealed it purchased an additional 850 BTC. Here’s our coverage of the past week:

Solana records 5-hour outage

• Solana suffered a network disruption on Feb. 6 at around 10:00 UTC.
• The outage, Solana’s first in over a year, flipped investor sentiment at a time when the broader market was in an uptrend. SOL collapsed 4% in an expected slump, but market participants commended its resilience, given the circumstances.
• Network engineers and validators across the ecosystem trooped in to address the performance issue, as the blockchain halted transaction processing. After five hours, the network eventually recovered from the downtime. 

Bitcoin breaks above $48,000

• Despite the Solana network outage, SOL gained massively this week, and its bullish price performance can be attributed to Bitcoin’s resurgence, as the premier crypto witnessed impressive surges during the week.
• Bitcoin began the week with a favorable outlook amid bullish updates, one of which revealed that the token recorded a cumulative monthly trade volume of $1.21 trillion for January 2024, its highest monthly volume since September 2022.
• Amid an increase in demand, the asset, which began the week at the $42,000 level, breached multiple psychological resistance points in a rally that saw it record six consecutive weeks of intraday gains. 
• BTC eventually reclaimed the $47,000 price on Feb. 9, triggering a bullish market reaction that led to massive price surges for other cryptocurrencies. The token further broke $48,000 and has sealed a spot above the price level, currently hovering at $48,067.30.

MicroStrategy adds to its BTC stash

• During the Bitcoin uptrend, Michael Saylor’s MicroStrategy disclosed on Feb. 6 that they again augmented their BTC holdings. Per the disclosure, MicroStrategy purchased 850 more BTC tokens for a total cost of $37.2 million last month.

• Interestingly, at Bitcoin’s current price, the assets are now worth over $41 million, reflecting an unrealized profit of $3.8 million for the January purchases alone. Following the latest addition, the Tysons, Virginia-based firm now holds 190,000 BTC currently valued at $9.18 billion.
• Saylor, MicroStrategy’s owner and executive chair, recently sold 5,000 shares of the company’s stock, according to a recent SEC Filing. Over the past year, he sold a total of 120,000 shares and has not made any purchases of the company’s stock.

Updates on spot Bitcoin ETF products

• The nascent spot Bitcoin ETF market in the U.S. also made headlines this week. Reports revealed that the Financial Supervisory Service (FSS) of South Korea was looking to take a page out of the United States’ approach to spot Bitcoin ETF products.
• The FSS chief Lee Bokhyun plans to meet with Gary Gensler, chairperson of the U.S. Securities and Exchange Commission (SEC). These plans are part of a broader push to implement proper regulations for the Korean digital asset industry.
• Moreover, the efforts also involve a planned implementation of the Virtual Asset User Protection Act on July 19 by the Financial Services Commission of South Korea.
• Meanwhile, spot Bitcoin ETFs in the U.S. continued to hit major milestones this week. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) slipped into the top 5 list of ETPs in the U.S. with the largest capital inflows.
• In addition, Bloomberg ETF analyst Eric Balchunas revealed that BlackRock’s IBIT and Fidelity’s FBTC witnessed the best initial 30-day performances for any ETF in the United States over the past 30 years. 
• Despite the impressive inflows these investment products have witnessed in their first month of launch, Valkyrie’s CIO Steven McClurg believes some of them will not pass the test of time. Speaking in an interview this week, McClurg predicted these products to reduce to eight or seven.

The US struggles to find clarity 

• Meanwhile, regulatory struggles in the U.S. persisted this week. In a bid to find clarity, the U.S. SEC adopted a set of two new rules that would mandate liquidity providers on defi protocols to register with the SEC.
• According to the regulatory agency, these rules would apply to liquidity providers that deal on assets considered securities. However, it would only affect entities with over $50 million worth of assets. The rule set attracted backlash.
• Lawmakers in the U.S. sent a letter to Janet Yellen, the Secretary of the Treasury, replying to her demand for stricter regulations for the crypto industry. The members of Congress called attention to the limitations of the Howey Test for the nascent industry.
• In an interview on Feb. 7, U.S. House of Rep. member Maxine Waters revealed that lawmakers in the country are moving closer to reaching a consensus regarding the regulation of stablecoins in the country. 

Genesis settles with NY Attorney General

• Genesis, the bankrupt crypto lending firm, reached a settlement with New York Attorney General Letitia James in the case involving customer losses in Gemini’s Earn program.
• As part of the agreement, customers of the now-defunct cryptocurrency earning program would receive a settlement for their losses. Genesis would also settle its creditors. These terms would be approved by a bankruptcy judge.
• Shortly after the disclosure of these settlement terms, the New York Attorney General extended the lawsuit against Genesis and its parent company Digital Currency Group to $3 billion. The initial lawsuit accused the companies of fraud amounting to $1 billion.

Global regulatory affairs

• The global scene also witnessed a resurgence of regulatory efforts and enforcement actions. Reports from Feb. 7 confirmed that Uzbekistan would fine Binance for operating in the country without a license. The fine amounts to 102 million soms, worth $8,200.
• Interestingly, the Securities and Futures Commission (SFC) of Hong Kong warned consumers of a crypto-focused scam scheme connected to the prominent crypto exchange MEXC. The police also blocked MEXC’s website in the region.

Craig Wright vs COPA

• The legal case between Craig Wright, the self-acclaimed Bitcoin founder, and non-profit crypto organization Crypto Open Patent Alliance (COPA), began this week.
• On the second day of the court proceedings, COPA alleged that Wright had forged the Bitcoin origin document he presented in the court. According to the organization, the 08 numerals in the year “2008” were visibly smaller than the 20 numerals. Wright denied forging the document. 
• Meanwhile, on the third day of the trial, Wright presented a second document relating to Bitcoin Cash from 2008, as he persisted in proving that he is Satoshi Nakamoto. This document’s metadata appeared to be genuine.
• COPA presented multiple evidence to prove that several documents presented by Wright were forged. On day four, Wright conceded that he indeed forged some of the documents, but blamed other individuals for the forgery.