Crypto Currents: Waves of Momentum in BTC, SOL, and AVAX Propel Market Beyond $1.4 Trillion

While the ebb and flow of the cryptocurrency market witnessed a subdued weekend for bitcoin and several major altcoins, a different narrative unfolded for others such as SOL, AVAX, and DOT, which continued their ascent.

Avalanche's recent price surge is indeed a spectacle, with the asset experiencing an eye-catching 30% overnight spike.

BTC Faces Resistance at $37K

In the dynamic world of cryptocurrencies, notable changes transpired this week. On Tuesday, the premier digital asset dipped to $34,500, encountering resistance at the elusive $35,000 threshold despite multiple attempts.

However, a bullish resurgence ensued, catapulting BTC to $38,000 within two days—a level unseen for over a year and a half. This upward trajectory was short-lived as the asset faced a swift rejection, shedding over two thousand dollars within a matter of hours.

Undeterred, BTC bounced back, reaching $37,500 yesterday. While maintaining this momentum has proven challenging, its current trading level remains above $37,000.

This places its market capitalization comfortably above $725 billion, yet its dominance over alternative cryptocurrencies has taken another hit, now standing at 51% on CMC.

BTCUSD. Source: TradingView

SOL and AVAX Continue to Dazzle

Solana's native cryptocurrency continues to dazzle with a robust performance, notching another 10% surge in the past 24 hours. Over the week, SOL has gained over 40%, lingering close to a multi-month peak at $60.

AVAX's daily price performance is nothing short of extraordinary, as Avalanche surged by 30%, currently trading above $18.

Chainlink, Polkadot, Aptos, Near, and RUNE have all etched notable gains into the market. In the case of RUNE, a 25% daily surge underscores its impressive performance.

The broader cryptocurrency market capitalization has swelled by approximately $20 billion daily, now surpassing a substantial $1.4 trillion on CMC, reflecting the dynamic and ever-evolving nature of this financial landscape.

Cryptocurrency Market Overview. Source: Quantify Crypto

Read more: Ripple's Ascendance: Navigating Waters of Resistance and Momentum Surges