Bonk and THORChain See Strong Double-Digit Price Increases as Bitcoin Surpasses $47,000

Bitcoin’s surge sparked a widespread uptick in token prices across the cryptocurrency market, with the largest digital asset witnessing a more than 4% increase in a single day and edging closer to a trillion-dollar market cap.

The overall cryptocurrency market cap also saw a notable rise of over 2% on February 9th, leading to price gains for numerous digital assets. Notably, two tokens stood out with double-digit gains as the market rallied.

One such standout performer was Bonk (BONK), a popular memecoin based on the Solana network. Within a span of 24 hours, Bonk surged over 14%, with trading volume surpassing $147 million. BONK had gained prominence during the meme frenzy that swept through the decentralized finance landscape towards the end of 2023.

Another noteworthy performer was THORChain (RUNE), a cross-chain liquidity protocol. With a trading volume exceeding $380 million in just one day, THORChain saw an impressive increase of nearly 13%, trading at around $5.34. This platform enables crypto users to swap digital tokens across multiple blockchains, including Bitcoin.

Bitcoin’s rally beyond the $47,000 threshold played a significant role in driving the broader crypto market upwards. As the largest cryptocurrency by market capitalization, BTC witnessed a surge of over 4%, with trading volumes reaching approximately $35 billion.

BTC’s market cap also experienced a notable uptick of 4.6% to $930 billion. This surge in Bitcoin’s metrics occurred shortly after spot Bitcoin exchange-traded funds (ETFs) recorded one of their strongest trading days since January 17th.

According to BitMEX research, spot Bitcoin ETFs saw inflows exceeding $400 million, with issuers accumulating over 9,000 BTC as underlying assets for their respective funds. ETF expert James Seyffart confirmed this as the third-largest inflow day for these products since their inception.

Excluding Grayscale’s converted GBTC, the new spot BTC ETFs have collectively amassed over 200,000 Bitcoins since their trading debut less than a month ago.

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