Bitget Hot Takes (February 12 - February 18, 2024) - All About Bitget
Market updates
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.
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.
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.
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
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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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2024-02-20
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