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,
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Author: Wahid Pessarlay
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