BGB Sail: June Edition
Bitget Academy is delighted to announce the release of our new BGB Sail Series, which reflects on BGB performance each month alongside the market summary.
A crypto winter may be setting in as Bitcoin price saw the sharpest decline over the last decade in June. The nascent crypto industry has also been attacked from all sides: the fall of Three Arrows Capital (3AC), the major crypto hedge fund with an estimated AUM of US$10 billion in March, the Celsius blowup, shaky stablecoins - all leading to stricter regulations on the global scale. Despite the tumult, whales are reported to be constantly adding more Bitcoin to their balance and builders refuse to give in.
BGB Performance in June
Mounting recession worries have hit not only the crypto industry but also stocks and oil. June was therefore not our best month, same as most cryptocurrencies, including Bitcoin, Ethereum and Binance Coin.
BGB Correlation with BTC and ETH
Compared to last month’s figures, June’s correlation shows that the whole market is actually going in the same direction. All of the correlations remained above 0.9, meaning that they traded in sync 90% of the time. But mind you, BGB correlations with the other three appear to be the lowest, or, BGB was the least affected in this case.
BGB Cumulative Returns
Okay then, let’s examine the statement above using historical data for BTC, ETH, BNB and BGB. While BTC, ETH and BGB had been wobbling in the first 10 days of June already, BGB holders could heave a sigh of relief because the token tried hard to stay the course.
The struggle became real in the next two weeks as Bitcoin lost its US$20,000 mark and Ethereum followed, breaching US$1,000. The worst BGB return was recorded on June 19; now it shouldn’t look as bad as it seemed, right?
Meanwhile, we can see that BGB started to rebound on June 22, three days later, and kept its upward momentum until the end of the month. BTC, ETH and BNB experienced another slight drop on June 23, ending the month at an average loss of 37.8% with regards to BGB’s 16.7%. That’s a two-figure difference!
Now we want to see if BGB was truly well-received. The chart below explains that BGB aggregated volume had surged by US$100 million each month from January to April before slowing down after May’s market shock.
Moreover, data from CoinMarketCap is telling us that the total number of unique addresses holding BGB has been constantly on the rise in the last three months, with the figure for June still doubling that of April.
A possible explanation for this trend is that the number of BGB holders is growing - people are indeed accumulating our token mainly for its future growth potential and to participate in Bitget’s exclusive events!
Checking The Signal!
This is how Bitget Spot Trading looks like. The four indicators from top to bottom are: MACD (Moving Average Convergence Divergence), RSI (Relative Strength Index), ADX (Average Directional Index) and Accum./Dist. (Accumulation/Distribution Line).
This is what we got when we zoomed in. The arrows point to the approximate beginning of a bullish trend from April until now. There have been two upcycles for BGB, one in late April/early May and the other in the second half of June.
Bitget Latest Events
BGB holders have the chance to participate in several new events each week. In addition to our $4,163 Welcome Bonus for Newly Registered Users, you can jump right in this ongoing event as a BGB holder: Bitget Spot Deposition: 100 BGB in 48 Hours.
Join us now on the July events for BGB holders:
Benefits of holding Bitget Token (BGB)
More than just a platform token, BGB is the core of a seamless and vibrant Web3 Ecosystem for all of your crypto holdings, community tokens, NFTs, Defi applications, and much more.
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