Solana

Bitcoin ETF

Bitcoin

The coin was one of the top gainers on Nov. 9 amid a broad market upturn that propelled Bitcoin (BTC) to an 18-month high as crypto’s leading token headed toward $38,000. 
Bitcoin’s leap above $37,000 for the first time since May 2022 coincided with Solana’s market cap breaking above the $20 billion mark as inflows poured into cryptocurrencies across the board.&nbsp; 
The last time SOL <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener">boasted</a> a market cap north of $20 billion was in summer of 2022, during Terra’s collapse and caused subsequent bankruptcies among some of the industry’s top firms, like Three Arrows Capital. 
Solana (SOL) has seen double-digit gains in 24 hours and during a seven-day sprint as digital asset proponents surmised that crypto winter might be thawing in the run-up to a possible spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission (SEC). 
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 <img decoding="async" loading="lazy" width="1024" height="618" src="https://crypto.news/app/uploads/2023/11/Screenshot-70-1024x618.png" alt="Solana breaks $20b market cap as ETF buzz fuels Bitcoin over $37k - 22" class="wp-image-14214091">
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 Top 10 cryptocurrencies on Nov. 9 | Source: Coingecko
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</figure> 
 You might also like: <a href="https://crypto.news/jpmorgan-foresees-lawsuits-for-sec-on-spot-bitcoin-etf-rejections/"> JPMorgan foresees lawsuits for SEC on spot Bitcoin ETF rejections </a> 
While BTC flirted with $38,000, rising as high as $37,900 on some trading venues, the SEC is reportedly in talks with Grayscale regarding the firm’s BTC ETF.&nbsp; 
Grayscale CEO Michael Sonnenshein said that a possible timeline for a decision was not <a href="https://crypto.news/sec-yet-to-indicate-approval-timeline-says-grayscale-ceo-on-spot-bitcoin-etfs/">disclosed</a> by America’s securities watchdog, however, an eight-day window opened where all 12 applications could be approved as <a href="https://crypto.news/secs-window-for-bitcoin-etf-approvals-to-open-today/">reported</a> by crypto.news. 
Experts at Galaxy Digital <a href="https://crypto.news/galaxy-digital-predicts-74-surge-in-btc-price-after-spot-etf-launch/">predicted</a> a 74% increase in BTC prices as ETFs could usher in $14.4 trillion of capital in their first year. This number could rise to $39 billion by year three, as the firm sees spot Bitcoin ETFs as a more efficient investment channel compared to existing options. 
 Read more: <a href="https://crypto.news/coinbases-grewal-expresses-optimism-about-approval-of-bitcoin-etfs/"> Coinbase’s Grewal expresses optimism about approval of Bitcoin ETFs </a>

Solana breaks $20b market cap as ETF buzz fuels Bitcoin over $37k

crypto.news

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