Cryptoverse: Bitcoin is back with a bonk

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% gain in January,

leaping 22% in the past week alone, breaking back above the $20,000 level and putting in on course for its best month since October 2021 – just before the Big Crypto Crash.

Ether has also risen, by 29% this year, helping drive the value of the overall global cryptocurrency market above $1 trillion, according to CoinGecko. “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. Researchers said investor bets on a rosier macroeconomic picture were driving a jump in riskier assets across the board. Few crypto tokens have benefited more

than bonk, which was launched at the end of December on the Solana blockchain and had rocketed 5,000% by early January. It has since fallen back, though remains up 910% since the

start of the year. 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. Bonk’s a puppy, though.