Market updates

Bitget Hot Takes (February 19 - February 25, 2024) - All About Bitget

Beginner

2024-02-26 | 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 enters a period of extremely tight spread, with volume almost decreased by half.

• ETH crossed US$3K for the first time since May 2022; BTC was teasing US$50K rather than continue with the above-US$52K momentum.

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

BGB Weekly Spread Dropped By 76%

After BGB hit the new ATH at US$1.15 on February 17, 2024, there has been a price plateau with the token's weekly spread dropped by 76% and the lowest daily spread is recorded at US$0.013457. We can also see flat MACD, RSI or Accum/Dist lines, which suggest neither a drop in bullish pressure nor in bearish pressure. Meanwhile, BGB 7D volume, though decreased by 39.2%, remained at US$189 million.

A combination of narrow spread and low volume often precedes explosive moves, but which way then? 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. So it's safe to say that what's in store for BGB will most likely depend on BTC.

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In terms of liquidity, the volume-to-mcap ratio of BGB remained on the same level as that of BTC.

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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 futures traders who use iOS devices, please update the app to version 2.25.0 to enjoy a smoother, faster, better experience !

If we assigned the growth in volume of Bitget Spot Trading from February 12 to February 18 to BGB recording new ATH predominantly, this week it's in view of the wide token selection on our spot market, which includes both blue-chips and trendy hot tokens. And of course activities on Bitget Futures Trading were also on the rise, with the average Bitcoin OI increase almost equal to the average crypto OI.

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Top daily gainers saw the spotlight on some new Bitget Listings, such as PIXEL/USDT , STRK/USDT , BEANS/USDT , DIMO/USDT , OLAS/USDT and HTX/USDT . To understand the hype behind these tokens, check out our guides below:

Pixels (PIXEL): A Fun and Innovative Blockchain-Based Gaming Experience

Starknet (STRK): Making Ethereum Faster, Cheaper, and Safer With zk-STARKs

DIMO (DIMO): Revolutionizing Vehicle Connectivity and Data Ownership

Autonolas (OLAS): Rediscovering LEGO The Crypto Way

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It's worth noting that thanks to the renewed hype on UNI and JASMY, these two also made it to the top daily gainers (although with a 24H gain of less than 50%) with different pairings: JASMY/ETH (+46.3% on February 21), JASMY/USDT (+45.7% on February 21 and +32.7% on February 24), UNI/USDT (+56.8% on February 23) and UNI/USDC (+56.3% on February 23).

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 - ONLY THREE DAYS LEFT: 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 tokens exclusively added to our Zero-Fee Program are PLN , DIMO, VMINT and OLAS , and HOURS left to buy STRK at 0 processing costs: Buy STARKNET using credit/debit card with zero fees

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 HTX with up to 60% APR, AINN , PIXEL and VMINT 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

• Bitget CandyBomb: Complete given tasks to STRK , HTX , ETH , and ANIM FOR FREE!