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Solana Leads Layer-1 Token Gains as Bitcoin Crosses $38K
Crypto market capitalization rose 2.3% in the past 24 hours.
Updated Mar 8, 2024, 5:43 p.m. Published Nov 29, 2023, 6:57 a.m.
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%.
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The CoinDesk Market Index (CMI), a broad-based index that tracks the crypto market, rose over 2.5%.
Bitcoin momentum started to rise late Tuesday as Federal Reserve governor Chris Waller said recent data suggested a slowdown in the economy and continuing moderation in inflation showed current policies were in the “right spot.”
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.
Interest rate decisions have the tendency to move markets. Higher rates usually mean risk assets such as stocks and cryptocurrencies take a hit as investors could take profits and invest in bonds.
Elsewhere, global bank Standard Chartered double-downed on its April forecast that bitcoin 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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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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State Street and Galaxy to Launch Tokenized Liquidity Fund on Solana in 2026
The fund will run on Solana at launch and use PYUSD.
What to know:
- State Street and Galaxy plan to launch SWEEP in early 2026, using PYUSD for around-the-clock investor flows on Solana.
- Ondo Finance committed about $200 million to seed the tokenized liquidity fund, which will later expand to other chains.
- The firms say the product brings traditional cash-management tools onto public blockchains for qualified institutions.
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