Bitcoin (BTC) hit $38,000 early Asian time on November 29 as hopes around spot exchange-traded fund (ETF) approval were revived earlier this week and traditional market watchers expected interest rate cuts. broke through.
Solana (SOL) led the way among Layer 1 blockchains, rising about 8% in the past 24 hours, reversing losses from last week. Avalanche (AVAX) rose 6.6%, while Cardano (ADA) and Tron (TRX) rose more than 5%.
The CoinDesk Market Index (CMI), an index that broadly tracks the crypto asset (virtual currency) market, rose more than 2.5%.
US Federal Reserve Director Chris Waller said current policy is “in the right place” as recent data suggests an economic slowdown and inflation continues to moderate. Bitcoin began to rise late on the 28th.
Waller also said that if inflation continues to fall, there is a strong case for cutting interest rates in the coming months.
Interest rate decisions tend to move markets. When interest rates rise, risky assets such as stocks and crypto assets typically suffer as investors may turn to bonds for profits.
｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: CoinDesk
｜Original text: Solana Leads Layer-1 Token Gains as Bitcoin Crosses $38K
