Market updates

Bitget Hot Takes (November 27 - December 03)

Beginner

2023-12-04 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• Bitcoin to US$40,000; Fear Greed Index to 74 for the first time since November 2021.

• A summary of the week’s biggest news can be found in the Memecoin category.

BGB: Good For Short-, Mid-, And Long-Term!

There is a 6.1% decrease in BGB price this week; the highest was US$0.55029 on November 29 and the lowest US$0.500707 on December 02, 2023. Well, except for Bitcoin and Ethereum - the ones anticipating SEC’s approval of ETFs tracking themselves, the rest of the Top 5 largest (BNB and XRP) also saw 7D negative performance.

Bitget Hot Takes (November 27 - December 03) image 0

Volatility went up, of course, for all discussed tokens. However, the magnitude of BGB’s losses is quite lower than that of BNB and XRP.

Bitget Hot Takes (November 27 - December 03) image 1

BGB volume went up and so did its liquidity. However, activities in Bitcoin, a much bigger market, doesn’t seem to match its waxing phase. BTC nominal volume-to-market cap ratio remains slightly below that of BGB; the 7DMA is back and forth between 0.22 and 0.23 compared to BGB’s 0.30.

Bitget Hot Takes (November 27 - December 03) image 2

If we look at the 4H candles, indicators such as RSI, Accum/Dist and MACD suggest an upward trend of BGB. RSI, Bollinger Bands and Accum/Dist for 1D say the red from November 27 to December 03 is turning green, and the 1W candles point out US$0.50 as the new resistance level, though more testing needs to be made. Nevertheless, BGB is the rare token that constantly achieved new record highs in 2023, with the summary of BGB’s wonderful journey presented here: BGB Achieving New ATH In November (available in your languages). If you want to learn more about the perks that come with BGB, feel free to check out this guide.

We also provide weekly analyses of BGB in our Bitget Hot Takes Series and on a monthly basis with the BGB Sail Series:

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

Crypto Is Dancing In The Moonlight

The prospect of a spot Bitcoin ETF approval in the U.S. in less than 60 days and even as soon as January 05, 2024 means trillion(s) from TradFi will soon be flowing into crypto. The global crypto market cap is up by 7.4% to land at US$1,569,691,992,943 on midnight December 03, 2023 (opening value of Dec 03).

Our analysis for this phenomenon is available at: SEC Delaying Franklin's BTC ETF and BTC Breaking $40k

Bitget Hot Takes (November 27 - December 03) image 3

Bitcoin’s highest value of the week was recorded on Sunday (December 03) at US$40,136, which also marks the first time we see Bitcoin at this level since April 2022. Ethereum crossed US$2,200 for the first time since May 2022 - it’s crazy how fast time goes by.

But that’s not everything that happened in the last 7 days. We have MOON - literally MOON - jumped by nearly 12% overnight on December 01 after the subreddit r/CryptoCurrency renounced the token contract and burned 98,000 tokens. And when looking back at biggest news of the week, we can always find at least a memecoin created right afterwards, for example:

• MUNGER after Bitcoin hater, Berkshire Hathaway Vice Chairman Charlie Munger passed away. The price went up by 31,500% one hour after launch and already collapsed to zero.

• A family of memecoins after the death of the U.S. diplomat Henry Kissinger: Henry Kissinger Dr. Evil (KISSINGER) and Kissinger69obamabideninu420 (Kissinger) are the biggest ones.

• “Go F Yourself”: Elon Musk’s message to Disney CEO in a recent interview inspired the creation of many similar-themed memecoin, with the biggest one reaching a market cap of US$7.28 million on December 02, 2023.

• CYBERTRUCK: the biggest memecoin named after Tesla’s new vehicle has a current market cap of nearly US$50,000 and US$38,400 in liquidity on BNB Chain.

Instead of minting NFT from news articles, you can always create a new memecoin for any event and list them on DEXs. Though most of these will end in smoke, but for risk takers who know to time their trades, it’s some good opportunities. For the rest of us, it shows the cheeky and free side of crypto - to turn everything into trade-able stuff.

The Latest Bitget News

We had one Bitget Initial Listing last week (F3) and two ongoing events on Bitget CandyBomb: El Hippo (HIPP) with 1 more day and Caga Crypto (CAGA) with 3 more days to join! Details on the rules and step-by-step guide for Bitget CandyBomb (CAGA) can be found here: Caga Crypto Has Come To Bitget CandyBomb: Ready To Earn Your Airdrop?

Looking for 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 ZKS, MYRO, D3D, PLX and CRE with up to 30% APR and SKL with up to 160% APR! Enjoy the Savings Boosts before they are sold out!

• Bitget Launchpool: Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work!

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

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

• Deposit2Win: A mystery box of US$50,000 in ETH, BGB, USDT, TIA, T2T2, GAS is waiting to be opened by YOU

• Exclusive for Institutional Investors: Deposit EUR to enjoy a 30-day VIP pass!

• Win hot tokens for FREE: Everyone gets their share of Bitget’s Christmas gifts

• Also for the festive season: Deposit $100 and get a $120 bonus!

• Buy new tokens with 0 fee: We introduce a new token every week, and you can buy it with your Credit/Debit card at no processing costs for seven days! Added to the program this week is LUNA - don’t let this opportunity pass by!

• Saving is Earning: Cut down the processing costs 100% with the Bitget Zero-Fee Program - activated every Wednesday and every weekend for Bitget users who own a Credit/Debit card!

Bitget Spot Trading’s volume went up slightly, together with Bitget Futures Markets’s average crypto OI (+10.3%), average Bitcoin OI (+12.6%) in the last 7 days, meaning Bitcoin dominance on our futures market is still up.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign! And a direct 50 USDT when you join Bitget - limited time offer!