Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin. The No.1 cryptocurrency has clocked a 26 per cent gain in January, leaping 22 per cent in the past week alone, breaking back above the $20,000 level and putting in on course for its best mont
Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin.
"After a rough year last year for cryptos, we are seeing a form of mean reversion," said Jake Gordon, analyst at Bespoke Investment Group, referring to the theory of asset prices returning to long-term averages. It is the latest entrant to the hyper-volatile world of meme coins, cryptocurrencies inspired by online memes and jokes, and is modeled after the same grinning Shiba Inu dog as dogecoin - which itself was catapulted to fame by Elon Musk tweets.Even at its peak it was worth just $0.000004873759 with a market capitalization of about $205 million.
The Solana token has now indeed jumped as bonk has gained traction: it's up 131 per cent in 2023, the biggest gainer among major cryptocurrencies. "Bitcoin and crypto tend to front-run everything, which is why we've seen notable relative strength in this asset class of late," said Wave Financial's Borsai.The dollar value of bitcoin trading volumes on major exchanges over a 7-day period jumped to $151 million, the highest in nearly two months, according to data from Blockchain.com.
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