Market updates

Bitget Hot Takes (February 12 - February 18, 2024) - All About Bitget

Beginner

2024-02-20 | 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 recorded the new ATH at US$1.15, weekly volume soared to US$310 million.

• BTC breached US$50K, now at levels last seen in 2021.

• Bitget Markets: average crypto OI is down by 15.3%, Bitcoin OI by 14% and spot volume is up by 55%.

BGB Breached US$1, Making The New ATH At US$1.15

While Bitcoin made a comeback to US$52,000 - levels that haven't been witnessed since 2021 and thus scored a +8.2% weekly return, BGB surpassed even ETH - the only cryptocurrency in the Top 5 with a two-digit gain - at 57.1%. Three years it is from BGB's inception for the token to breach US$1, and if it's not impressive enough, let's say that BGB is the only exchange token to hit new ATHs times after times amid the 2022 market and continue its winning streak into 2024.

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The 7D correlation chart shows the relationship between BGB and Bitcoin. As part of the general crypto market, BGB of course has to be under the influence of Bitcoin, especially during periods of green, but not necessarily that bad during bleeding periods. In other words, BGB has the impressive ability to resist market drawdowns caused by the fluctuations of Bitcoin and, at the same time, can use Bitcoin upswing movements as leverage to reach new highs.

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With BGB crossing US$1, its weekly volume also surpassed US$310 million, effectively bringing the liquidity level back to 0.03. A small reminder: 0.001 is good enough to secure tokens a place in Coinranking's 'first tier' list; it also left Bitcoin and BNB behind.

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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 to surprise us with some insane jumps last week. 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!

As the leader in the copy trading sector, Bitget constantly provides new features and upgrades to better serve our community of 130,000+ elite traders and their 650,000+ followers. The latest update is for futures traders who use iOS devices, please update the app to version 2.25.0 to enjoy a smoother, faster, better experience!

Bitget Spot Trading volume saw a significant increase last week thanks to BGB skyrocketing. Meanwhile, Bitcoin and Ethereum's sudden increase might be the main causes for short liquidations across Bitget Futures markets, hence the declines in the average OI.

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Top daily gainers of last week are XOR/USDT and AINN/USDT, with AINN ready to be earned for FREE once you have completed the tasks given on Bitget CandyBomb! Details can be found here: Complete spot trading, futures trading, and net deposit tasks on CandyBomb to earn AINN!

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We know that newbies tend to be cautious with their very first transactions (not that we are advising you against that!), for example, by sticking to stables and making purchases of small value. We believe that every baby step counts, therefore why not encourage each baby step with the hottest tokens? US$500,000 in BABYELON, BABYBONK, BGB, SUI, ARB, OP, MANTA, SOL and BTC for all purchases/deposit from 10 USDT! All information can be found here: Buy/Deposit 10 USDT to share US$500,000 in BABYELON, BABYBONK, SUI, BTC more!

New users are also welcome to invest wisely in crypto by minimising costs. Time the market and make 0-fee crypto purchases on Wednesday and the weekend as Credit/Debit card owners! It's not just limited to newbies, experts can deliberately join, too! The token exclusively added to our Zero-Fee Program is PIXEL - purchase PIXEL on Bitget via Credit/Debit card at no processing costs today!

Don't forget to check out the great Bitget Reward Center for 5,027 USDT in welcome bonus and take our limited-time offer for 50% rebate on crypto purchases. Hurry up, 1,200,000 USDT in rewards is being distributed on a first-come, first-serve basis with participation period EXTENDED TO February 29!

Looking for extra earning options on Bitget? Check this out: • Bitget Savings: New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time! The newly added options are AINN and PIXEL with up to 50% APR and TUSD with up to 15% APR!

• Bitget Launchpool: Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work! Exclusive pools for new users as well!

• Bitget Snowball and Bitget Smart Trend: New subscription period begins every Monday!

• Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday