On November 9, the cryptocurrency market experienced a widespread uptrend, driving Bitcoin (BTC) to an 18-month high, with the leading digital token approaching the $38,000 mark. This surge coincided with Solana’s market capitalization crossing the $20 billion threshold, marking the first time it had reached this level since the summer of 2022, a period marked by Terra’s decline and subsequent financial troubles for prominent firms such as Three Arrows Capital.
During the course of 24 hours and a seven-day period, Solana (SOL) recorded significant double-digit gains. These developments raised optimism among cryptocurrency enthusiasts, suggesting that the crypto winter might be thawing, particularly in anticipation of a potential approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
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While Bitcoin (BTC) approached the $38,000 mark, reaching as high as $37,900 on certain trading platforms, there are reports of discussions between the SEC and Grayscale concerning the company’s Bitcoin ETF proposal.
According to Grayscale CEO Michael Sonnenshein, the U.S. securities regulator has not provided a specific timeline for a decision. However, there is an eight-day window during which all 12 ETF applications could potentially be approved, as noted by crypto.news.
Experts at Galaxy Digital have projected a 74% increase in Bitcoin prices, driven by the potential influx of $14.4 trillion in capital in the first year if ETFs are approved. This figure could rise to $39 billion by the third year, with the firm viewing spot Bitcoin ETFs as a more efficient investment avenue compared to existing options.
For more insights, you can also read Coinbase’s Grewal expressing optimism regarding the approval of Bitcoin ETFs.