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Bitget Hot Takes (February 26 - March 03, 2024) - All About Bitget

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2024-03-11 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.

The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates

Central Themes

• BGB hit US$1 again on the same day BTC made a new ATH.

• Bitcoin did not only return to the old ATH November 2021 but aggressively claim US$70K as the new one.

• Bitget Markets: average crypto OI, Bitcoin OI and spot volume all went up.

BGB Was Back To US$1

As Bitcoin broke its old all-time high on March 05, BGB also followed its movement closely, up to US$0.92 then a lil' correction to US$0.91, back to US$0.95 and straight up to US$1. Towards the end of the week, others in the Top 5 continued to rally when Bitcoin prices were stalled, except for XRP. BGB clearly took some time to breathe out and is currently bouncing back.

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As a result, BGB 7D volume went up by nearly 20%, which is reflected in the chart below. It's near 0.025 now, and we expect it to get to 0.03 soon, given the building momentum of accumulation trend.

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Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance!

The Latest Bitget News

Dragon Year for up-in-the-sky movements? Well yeah, BGB definitely took initiative since the first day of 2024 and eventually breached US$1 this month. We're also proud to invite all users to apply for and try out the brand new Bitget Card! This is the perfect off-ramp solution for any crypto advocates out there, not just Bitget lovers - we'd love to see crypto embraced in our everyday life in the most practical way. Check out the Bitget Card Introduction to know why you've got to own this powerful card!

The funding rates on BTC and ETH markets have been on insane levels, with the BTC funding rate on March 05 reaching 0.0878% before sliding down to 0.0411% on March 07. Similarly, it went up to 0.0635% on March 08, then plummeting to 0.0264% on March 09. With BTC currently over US$71K, funding rates stand at 0.0948% - be careful with your (over)leveraged positions! ETH funding rates than slightly lower than those of BTC, but both are at historical highs and for an extended period (since February 25). We are actually more bullish than ever, and US$71K is definitely not this year's goal for BTC! Understandably, the average Bitcoin OI shows a higher level of expansion than the general crypto OI, and we might be able to explain the rise in Bitget spot volume with BTC, ETH, memecoins and BGB, of course.

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The majority benefits from Bitcoin breaking its own record, but many eyes are on memecoins since they offer quick but meteoric profit-taking opportunities, especially the doggo fam. Memecoins made it to the Top 3 Gainers list almost everyday: MYRO/USDT (+85%) on March 05, AIBB/USDT (+169%) and BABYDRAGON/USDT (+74%) on March 08, BABYBONK/USDT (+75%) on March 09, TAMA/USDT (+177%) and BABYBONK/USDT (+50%) on March 10. Don't want to miss this meme mania? Bitget has the right event for you: Trade to Win PEPE, SHIB, FLOKI, DOGE!

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There are other prominent daily gainers that we want to introduce to you: WEN (WEN): A Revolutionary Approach to Meme Coins on Solana.

Octavia (VIA): Your Ultimate AI-Powered Crypto Assistant

Ness LAB (NESS): Pioneering the Future of Blockchain and Information Economy

Scallop (SCA): The Most Secure Lending Protocol on Sui

DevvE (DEVVE): Solving the Complex Challenges Inherent in Environmental, Social, and Governance with Blockchain

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