Solana (SOL) hit a record high of $262, driven by ETF optimism, while Bitcoin surged to $99,261, nearing the $100,000 mark.
In addition to Bitcoin, several significant altcoins have also begun to participate in the favorable trend. In addition, Solana (SOL), the fourth-largest cryptocurrency by market capitalization, has reached a new record high of $262.
Solana (SOL) on New Records
The token has experienced a weekly increase of approximately 27%. The SOL token is experiencing a significant increase in value as a result of the increasing number of ETFs.
It was reported on Tuesday that the SEC staff and issuers are currently in discussions regarding the launch of a spot Solana ETF in the United States.
A “renewed sense of optimism” exists regarding the possibility of the SEC approving such a product upcoming year. Exchanges are anticipated to submit 19b4 filings in the near future.
According to data from CoinGecko, Bitcoin, the foremost cryptocurrency, recently achieved a new record high of $99,261.
Galaxy Digital CEO Mike Novogratz recently expressed his belief that Bitcoin would reach $100,000, as reported by U.Today. Nevertheless, he also cautioned that the crypto market is susceptible to a price correction as a result of its elevated leverage.
There is currently a 91% likelihood that Bitcoin will surpass the highly sought-after $100,000 mark this November, according to polymarket bettors.
Ethereum (ETH), which has been significantly underperforming the crypto monarch throughout 2024, is also receiving some support from investors.
Over the past 24 hours, the flagship altcoin has experienced a rise of over 8%. Despite its recent gains, Ether remains in a downtrend against Bitcoin, according to David Cox, portfolio manager at Raymond James.
Some of the other notable outperformers are Stellar (XM) and Cardano (ADA), which have experienced a 12% and 19.7% increase, respectively.
As long as the Bitcoin price remains above $95,000, it is anticipated that November proceeds will continue to be redirected to altcoins, according to the analytics platform Santiment.
