Bitcoin Drops Below $43K, Solana Surges 8% Amid BONK Buzz

Bitcoin embarked on a tumultuous journey recently, driven by concerns surrounding vulnerabilities in the leading wallet provider, Ledger. As of the latest update, Bitcoin’s price has stabilized at just under $43,000. Let’s delve into the events that transpired during this period.

Bitcoin’s Price Swings

Over the past few days, Bitcoin experienced significant price fluctuations. It initially surged to a 19-month high of $44,700 on a Saturday but struggled to sustain this momentum. By the weekend’s end, its price had retraced to $44,000. However, Monday ushered in a negative start as Bitcoin’s value dropped below $41,000. The situation worsened on Tuesday when it hit a weekly low of $40,200.

Fortunately, the bulls intervened to defend the $44,000 mark, initiating an upward trajectory that pushed Bitcoin back above $43,000. However, the rollercoaster ride continued as vulnerabilities within Ledger’s services surfaced.

The news of Ledger’s vulnerabilities had a profound effect on Bitcoin’s price. Following the revelation, Bitcoin experienced a steep drop, plummeting to $41,500. However, as Ledger swiftly announced a fix for the issues, the primary digital asset made an impressive recovery, regaining most of its losses and soaring back above $43,000, causing millions in liquidations.

Current Bitcoin Status

As of the latest data, Bitcoin is currently hovering around $43,000, with its market capitalization rebounding to $840 billion. Nevertheless, its dominance over the altcoins has slightly diminished, standing at just below 52%.

One of the most noteworthy developments during this period is the remarkable performance of BONK, a meme coin built on the Solana blockchain. In the past 24 hours alone, BONK experienced an astounding 100% surge, propelling it to a new all-time high. Over the course of a week, BONK’s value has skyrocketed by four digits.

Unsurprisingly, this surge in BONK’s price had a positive ripple effect on SOL, the native token of the Solana network. SOL witnessed an impressive 8% gain in the past 24 hours and is now trading at approximately $80.Another standout performer among the larger-cap altcoins is Avalanche, which has increased in value by 5.5% and is currently trading at $40.