{"id":2665,"date":"2023-11-11T09:58:37","date_gmt":"2023-11-11T09:58:37","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/11\/11\/this-week-in-coins-bitcoin-hits-18-month-high-solanas-market-cap-closes-in-on-usdc\/"},"modified":"2023-11-11T09:58:37","modified_gmt":"2023-11-11T09:58:37","slug":"this-week-in-coins-bitcoin-hits-18-month-high-solanas-market-cap-closes-in-on-usdc","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/11\/11\/this-week-in-coins-bitcoin-hits-18-month-high-solanas-market-cap-closes-in-on-usdc\/","title":{"rendered":"This Week in Coins: Bitcoin Hits 18-Month High, Solana\u2019s Market Cap Closes in on USDC"},"content":{"rendered":"<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<figure class=\"w-full max-w-full mt-4 overflow-hidden\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:58.214285714285715%\"\/><img alt=\"This week in Coins\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-nimg=\"responsive\" class=\"absolute inset-0 box-border p-0 border-0 m-auto block w-0 h-0 min-w-full max-w-full min-h-full max-h-full object-contain\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain\"\/><noscript><img alt=\"This week in Coins\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain\" class=\"absolute inset-0 box-border p-0 border-0 m-auto block w-0 h-0 min-w-full max-w-full min-h-full max-h-full object-contain\" sizes=\"(min-width: 640px) 950px, 384px\" srcset=\"https:\/\/img.decrypt.co\/insecure\/rs:fit:16:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 16w, https:\/\/img.decrypt.co\/insecure\/rs:fit:32:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 32w, https:\/\/img.decrypt.co\/insecure\/rs:fit:48:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 48w, https:\/\/img.decrypt.co\/insecure\/rs:fit:64:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 64w, https:\/\/img.decrypt.co\/insecure\/rs:fit:96:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 96w, https:\/\/img.decrypt.co\/insecure\/rs:fit:128:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 128w, https:\/\/img.decrypt.co\/insecure\/rs:fit:256:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 256w, https:\/\/img.decrypt.co\/insecure\/rs:fit:384:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 384w, https:\/\/img.decrypt.co\/insecure\/rs:fit:640:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 640w, https:\/\/img.decrypt.co\/insecure\/rs:fit:768:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 768w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1024:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 1024w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1280:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 1280w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 1536w\" src=\"https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp\"\/><\/noscript><\/span><figcaption class=\"m-0 text-start gg-dark:text-neutral-200 scene:font-itc-avant-garde-gothic-pro scene:text-neutral-700 scene:font-light scene:mt-1\">Illustration by Mitchell Preffer for Decrypt.<\/figcaption><\/figure>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The crypto excitement doesn\u2019t seem to end. Bitcoin (BTC), after cooling off last Friday, continued to bolt upwards\u2014it <\/span><a target=\"_blank\" href=\"https:\/\/decrypt.co\/205317\/bitcoin-blows-past-37000-touching-18-month-high-on-etf-optimism\" class=\"sc-adb616fe-0 ePvUAp\" rel=\"noopener\"><span style=\"font-weight:400\">hit an 18-month high<\/span><\/a><span style=\"font-weight:400\"> on Thursday, crossing into $37,000 per coin on optimism surrounding the potential approval of a spot exchange-traded fund (ETF).\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Bitcoin\u2019s boom\u2014most likely caused by a note from Bloomberg Intelligence analysts saying that the U.S. Securities and Exchange Commission now has an <a target=\"_blank\" href=\"https:\/\/decrypt.co\/205004\/sec-approval-of-bitcoin-spot-etf-could-come-tomorrow\" class=\"sc-adb616fe-0 ePvUAp\" rel=\"noopener\">eight-day window<\/a> to approve the applications for a Bitcoin ETF\u2014brought the rest of the market with it.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Over the past seven days, BTC is up nearly 8% and trading hands for $37,369, according to CoinGecko.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">A number of big altcoins saw gains with Solana (SOL) taking the lead and continuing its seemingly unstoppable rally. On Friday, the coin was <\/span><a target=\"_blank\" href=\"https:\/\/decrypt.co\/205495\/solana-touches-50-tron-optimism-see-gains\" class=\"sc-adb616fe-0 ePvUAp\" rel=\"noopener\"><span style=\"font-weight:400\">closing in<\/span><\/a><span style=\"font-weight:400\"> on USD Coin\u2019s (USDC) market cap. It is now comfortably above $50 per coin, and priced at $54.54\u2014a more than 38% weekly rise.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">SOL has been on a rally of its own: it\u2019s up 150% in the past 30 days; no other major coin or token has experienced gains like that. Experts <\/span><a target=\"_blank\" href=\"https:\/\/decrypt.co\/204753\/ethereum-killer-solana-rising-with-institutional-adoption\" class=\"sc-adb616fe-0 ePvUAp\" rel=\"noopener\"><span style=\"font-weight:400\">told<\/span><\/a> <i><span style=\"font-weight:400\">Decrypt <\/span><\/i><span style=\"font-weight:400\">that it is likely down to a short squeeze caused by short sellers exiting their positions. Plus, the blockchain is fast and cheap\u2014so there is renewed interest from institutions.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Ethereum, the second-largest cryptocurrency, also did well. It <\/span><a target=\"_blank\" href=\"https:\/\/decrypt.co\/205331\/ethereum-soars-past-2000\" class=\"sc-adb616fe-0 ePvUAp\" rel=\"noopener\"><span style=\"font-weight:400\">crossed<\/span><\/a><span style=\"font-weight:400\"> the $2,000 mark for the first time since July; it is currently up over 14% over the week.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Elsewhere, alts that had seemingly been quiet experienced a resurgence: Chainlink (LINK) has experienced a 33% seven-day rise\u2014making it the next best gainer after SOL out of the top 20 coins and tokens. It is currently trading for $15.10 per token.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Its jump is partly down to British telecoms company Vodafone\u2019s Digital Asset Broker (DAB) announcing a rebrand; DAB is using Chainlink\u2019s network to improve document transfer.\u00a0<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">And Sui (SUI) also had a quiet resurgence: the blockchain\u2019s token launched last year by ex-Meta engineers, is up over 36% over the past seven days, coming in at $0.61.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><i>Edited by Ryan Ozawa<\/i><\/p>\n<div>\n<p class=\"font-bold uppercase text-sm text-body gg-dark:text-neutral-100\">Disclaimer<\/p>\n<p class=\"content font-akzidenz-grotesk font-bold uppercase opacity-60 text-sm\">The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-start p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl mb-6 md:text-center gg-dark:text-white\">Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Illustration by Mitchell Preffer for Decrypt. The crypto excitement doesn\u2019t seem to end. Bitcoin (BTC), after cooling off last Friday, continued to bolt upwards\u2014it hit an 18-month high on Thursday, crossing into $37,000 per coin on optimism surrounding the potential approval of a spot exchange-traded fund (ETF).\u00a0 Bitcoin\u2019s boom\u2014most likely caused by a note from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/2665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=2665"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/2665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/2666"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=2665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=2665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=2665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}