Solana Leads Layer-1 Token Gains as Bitcoin Crosses $38K

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%. The CoinDesk Market Index (CMI), a broad-based index that tracks the crypto market, rose over 2.5%. Waller also said that if inflation were to continue to decline, there's a good argument to be made for rate cuts within a few months.

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