The crypto market is volatile and making predictions can be daunting. But if one thing is predictable in the crypto market, it’s that new narratives will emerge every season. Although Bitcoin (BTC) is always the main point of attention in the market, memecoins have grown to be just as important in recent years.
Bitcoin has defied all expectations and predictions in the last 12 months, reaching its all-time high (ATH) and surpassing it — BTC has gained over 200% in that period. Despite Bitcoin’s impressive numbers, an emerging memecoin — Bonk (BONK) — smashed BTC’s gains as it rocketed to an astounding 5,000%.
Bonk is still growing strong and continues to overshadow Bitcoin. This article sheds light into the past year performance of both coins, and provides a detailed outlook into their future.
Tracing Bitcoin’s (BTC) Performance in the Last Year
Bitcoin’s value in the last 12 months rocked the global crypto market and crypto enthusiasts couldn’t believe the price movement BTC enjoyed. The number-one-cryptocurrency gained 200%, beating numerous 12-month predictions from popular exchanges like Changelly and CoinMarketCap.
In March 2024, BTC broke its ATH twice and crossed the $70,000 mark in the space of two weeks. This shows the incredible bullish run BTC enjoys presently. As of April 2023, Bitcoin stood at $29,700. One year later, at press time, Bitcoin’s value has risen to $69,974 per coin.
Bonk’s (BONK) 12 Months Incredible Price Movements
BONK, the native token of the Bonk meme coin, is no longer a prospect in the memecoin market. In just 12 months, the price of BONK moved positively from the lowly $0.00000058 to the record $0.000021. This means that in just a year, BONK gained over 5,000%.
In this period, the market cap for memecoins has grown too, reaching $1.42B from the $16M that it was a year ago. At press time, BONK trades at $0.00002226; in the last 7 days, it has dropped in value by 2.97%. Bonk has seen some bearish signals in the last few days, but the prospects of a bullish run remain high.
What the Future Holds for Bitcoin (BTC) and Bonk (BONK) in 2024 and Beyond
Bitcoin and Bonk’s futures can only, at best, be predicted to some extent. The crypto granddaddy, BTC, might achieve positive market sentiments and a bullish run for several reasons, such as the halving event that will take place in Q2 of 2024. This makes a new all-time high more probable for Bitcoin.
In contrast, Bonk’s future has a chance of going in two ways. The odds of an uptrend are equivalent to that of a downtrend. The success of Bonk is dependent on the increase in the number of users as well as the incorporation of DeFi.
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