Market updates

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

Beginner

2024-03-04 | 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

• Indicators suggest that BGB should be bouncing back soon, especially with Bitcoin paving the way.

• Bitcoin soared to near US$64K and Ethereum to US$3.5K.

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

BGB Should Be Bouncing Back Soon

In the recent in-depth analysis of all BGB ATH records, we talked about how BGB has the capability to break away from BTC movements for decent gains but still tends to move in the same direction with the largest crypto. Since BTC is shooting up above US$60K for the first time since November 2021, BGB will most likely follow suit, especially with the RSI tiptoeing around the oversold levels. At US$0.91, BGB still demonstrates a gain of 57% from this year's opening price.

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The weekly volume of BGB went up slightly by 1.5% to US$191.7 million, thereby bringing up liquidity as well. There's quite a gap between BGB and Bitcoin (as well as others in the Top 5), but following our analysis above, both prices and liquidity of BGB will catch up with those of Bitcoin soon.

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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!

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 iOS device owners who trade futures, please update the app to version 2.25.0 to enjoy a smoother, faster, better experience! Another one is the introduction of Diverse Follow Mode, which allows users to follow as many elite traders as they want using the same fund pool to diversify their investments as well as minimise risks!

Bitget continued to see an increase in activities across markets thanks to a whole new period of Extreme Greed. Spot volume jumped from US$4.5 billion to US$6.8 billion, the average crypto OI rose from US$7 billion to US$8.2 billion, but the number of BTC contracts receded slightly to 44.7% of the total OI. Also contributing to the faster expansion of Bitget spot markets is the return of memecoins, which is reflected in the list of daily top gainers discussed below.

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The biggest daily gainers of the week can all be found on Bitget CandyBomb , our unique task-and-airdrop platform where users can get hot and trendy tokens FOR FREE by just completing some easy-peasy tasks! Don't forget to learn about these projects and the reasons why they're trending:

QnA3 AI ($GPT): Your Gateway to Web3 Knowledge and Smart Investing

Portal (PORTAL): Integrating Gaming Experience Across Chains And Platforms

SORA AI (SORA): Revolutionising Video Production With The Power Of Blockchain And AI

Ice Network (ICE): Decentralizing Governance, Storage, and Connectivity for All

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Among those with a 24H increase of 100%, the number of memecoins already accounts for 3 out of 7 or nearly 50%: HMTT/USDT, XRP8/USDT, and SORA/USDT. Over the last seven days, we have also witnessed other memecoins, especially those Doggo ones, making their way into the Top 3 Daily Gainers on Bitget, such as SUNDAE/USDT (59.8%), PEEPO/USDT (+61.8%), TURBO/USDT (+65.2%), FLOKI/USDT (+59.6%), and ZKPEPE/USDT (+45.4%).

New users should definitely check out the great Bitget Reward Center for 5,027 USDT in welcome bonus and learn about minimising costs for efficient crypto investments! Bitget offers 0-fee crypto purchases on Wednesday and the weekend for those who own Credit/Debit cards! It's not just limited to newbies, experts can deliberately join, too! The tokens exclusively added to our Zero-Fee Program are ASTRO, IQ, BBL, $GPT, and PORTAL - all the familiar names you just see on the Top Daily Gainers summary!

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