cryptocurrency The sector has been on the rise this year, clearing most of the losses recorded during the disruptive 2022. While the global crypto market cap recently rose above $1.6 trillion (according to data from CoinGecko), many of the leading digital assets have posted significant gains.
Bitcoin (BTC) reached $42,000 for the first time in 19 months. Ethereum (ETH) surpassed $2,200. Solana (SOL), Cardano (ADA), Dogecoin (DOGE) and others also went green.
One token that may have benefited from the high bullish environment is its price, which reached a new all-time high on December 4. Bonk Inuis (BONK). Currently, it is trading pretty close to the top. This means a new rally could be on the cards.
Solana’s Role
It is possible that another factor that played a role in BONK’s rise was its connection with Solana. meme coinis described as the first Solana-dog cryptocurrency “for the people, by the people.”
SOL has been one of the best-performing crypto assets over the past few months. Additionally, in mid-November its value rose to almost $70. It is currently hovering around $60. In this context, some analysts expect a bull run in the near future.
X user Jacob Canfield made an extremely optimistic prediction in November, suggesting that SOL could explode to $1,000 and become the second-largest crypto asset after BTC.
However, at the time of writing, Solana, like other major altcoins, lags behind BTC in terms of gains. Analysts are optimistic about an upcoming altcoin season after the Bitcoin price settled and began to consolidate.