Monat: Mai 2024

• Bonk price rose sharply after South Korea exchange Bithumb announced listing of BONK in the KRW market.
• The Solana meme coin reached a two-week high as Bitcoin led the crypto market bounce.

Bonk (BONK), the first dog-themed meme coin on Solana, has picked up significant upside in the past 24 hours.

According to market data from CoinGecko, BONK price is up 9% and trading at $0.00002623 – the meme coin’s highest level in two weeks.

Why did the BONK price spike today?

Bonk’s performance in the past 24 hours aligns with an upward flip in crypto prices.

These came as markets reacted to the latest US inflation data that showed softer-than-expected CPI readings. As stocks jumped to weekly highs, Bitcoin surged past $66k to see analysts predict a potential bullish run to $74k.

The positive sentiment buoyed most altcoins, with Ethereum breaking above $3,000 and Solana surging above $160.

BONK price mirrored other meme coins, which saw slight gains as mega caps spiked.

On Thursday, Bonk extended gains amid news that Bithumb, the second-largest cryptocurrency exchange in South Korea, had announced BONK listing. 

The platform will open trading for BONK in the Korean won (KRW) on May 16 at 17: 00 pm. Bithumb will also list Zeta Chain (ZETA).

With South Korea one of the top crypto markets, Bonk’s listing on Bithumb looks set to enhance not just visibility but also liquidity for the meme coin. Trading volume was up 30% in early trading Thursday.

BONK price could break higher and retest levels seen in March and April. Bullish momentum is also likely to strengthen if the broader market continues higher.

The post Why is Solana meme coin Bonk (BONK) surging? appeared first on CoinJournal.

• Bitcoin surges past $66k after US CPI data triggers buyside pressure
• Here’s why QCP Capital analysts say BTC could run to $74k

Bitcoin price surged past the $66,000 mark on Thursday to hit highs last seen in April amid a fresh dose of bullish sentiment.

BTC price reached $66,699 on US-based crypto exchange Coinbase, extending gains seen when markets soared on softer-than-expected US inflation data released on Wednesday.

Bitcoin price outlook: QCP Capital says bulls can reclaim the ATH

According to analysts at QCP Capital, the bullish momentum currently surrounding Bitcoin could see prices run to highs of $74,000.

The market reaction to the US Consumer Prices Index (CPI) data release, as well as the broader traction for spot Bitcoin ETFs, are potential catalysts.

“US CPI numbers triggered a break out of the range across risk assets. BTC has since traded back above 66k. ⁠We expect bullish momentum here that could take us back to the highs of 74k. The desk saw sizable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot,” the Singapore-based platform said in a note on Thursday.

The analysts also pointed to the increased institutional demand for the flagship cryptocurrency. The last few days have seen large asset managers file their 13Fs, disclosing huge positions in spot Bitcoin ETFs.

For instance, Susquehanna, Morgan Stanley and the State of Wisconsin Investment Board have disclosed huge holdings of BTC ETFs. Asset managers Millennium and Schonfeld have invested roughly 3% and 2% of their assets under management (AUM) respectively into spot Bitcoin ETFs.

“The stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections. Is this the resumption of the bull market?” the QCP traders pondered.

At the time of writing, the benchmark cryptocurrency was up more than 5% in 24 hours, with trading volume at over $37.8 billion and showcasing a 24-hour increase of 93%.

BTC price reached its all-time high of $73,737 on March 14.

The post Bitcoin price: Here’s why QCP Capital expects BTC run to $74k appeared first on CoinJournal.