Price: $0.39336 3.6374%
Market Cap: 57.78B 1.7542%
Volume (24h): 8.74B 0.4%
Dominance: 1.7542%
Price: $0.39336 3.6374%
Market Cap: 57.78B 1.7542%
Volume (24h): 8.74B 0.4%
Dominance: 1.7542% 1.7542%
  • Price: $0.39336 3.6374%
  • Market Cap: 57.78B 1.7542%
  • Volume (24h): 8.74B 0.4%
  • Dominance: 1.7542% 1.7542%
  • Price: $0.39336 3.6374%
Home > Information news > BONK steals spotlight as Bitcoin eyes $45K amid ETF Speculation

BONK steals spotlight as Bitcoin eyes $45K amid ETF Speculation

Release: 2023/12/21 18:01 Reading: 930

Original author:Todayq News

Original source:https://coinmarketcap.com/community/articles/658406c1aa6d2b45dede1b43

BONK steals spotlight as Bitcoin eyes $45K amid ETF Speculation

Meme coins are stealing the spotlight in the crypto market by overshadowing the long-anticipated approval of US exchange-traded funds (ETFs) for Bitcoin (BTC). However, these green indexes are backed by a good 2023 run for Bitcoin as its price jumped by over 150% on the year to date (YTD) basis.

BONK leads the rally

Meme coins were historically lagging behind major crypto like Bitcoin and Ethereum this year. However, a recent standout is Solana-based meme token, BONK, launched in December 2022. Bonk price soared over 300% in the last 30 days. It has achieved an impressive 1,000% gain since the beginning of September. 

Recently. Bonk’s 24-hour trading volume surpassed the $1 billion landmark. This performance has helped the meme token to position itself as the top-performing meme coin. BONK has even outstripped other meme coins like Dogecoin (DOGE), which recorded a trading volume of approximately $592.4 million in the same period.

Bonk price is still up by 12% over the past 24 hours. It is trading at an average price of $0.00002, at the press time. Its 24 hour trading volume is up by 48% to stand at $458 million. BONK is holding a market cap of around $1.2 billion.

Bitcoin to regain $45k?

It is important to note that the resurgence of meme coins is also impacting trading platforms such as Solana (SOL) and Avalanche (AVAX) tokens registering notable surges in value. SOL and AVAX tokens posted over 10% gains on Wednesday. This led them to build their status as leading performers in the broader crypto market this year.

Meanwhile, Bitcoin has witnessed stability, currently trading at its highest point in over a week at $44,294. As the US SEC faces a January 10 deadline for ETF approval or rejection, the crypto community is closely monitoring the outcome.

Analyzing funding rates in the futures market, indicative of recurrent payments between long and short position traders, reveals a consistently positive trend. While positive funding rates signal a bullish market outlook, caution is warranted. A prolonged optimistic trend could pose the risk of a ‘long liquidation cascade,’ resulting in a swift market sell-off.

Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.