Bitcoin broke above the $38,000 level in Asian morning hours on Wednesday as hopes around a spot exchange-traded fund (ETF) approval were revived earlier this week, and traditional market watchers expected rate cuts.
Solana's SOL tokens led gains among layer-1, or base, blockchains, jumping some 8% in the past 24 hours to reverse losses from the past week. Avalanche's AVAX bumped 6.6%, while Cardano's ADA and Tron's TRX rose over 5%.
Elsewhere, global bank Standard Chartered double-downed on its April forecast that bitcoin (BTC) would reach $100,000 by the end of 2024. Analysts reasoned the expected approvals of several spot bitcoin ETFs 'are likely to come sooner than expected,' which could act as catalysts for an uptrend.
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