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BGB Sail: June Edition

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.

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 Sail: June Edition image 0

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.

BGB Sail: June Edition image 1

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?

BGB Sail: June Edition image 2

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!

BGB Volume

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.

BGB Sail: June Edition image 3

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.

BGB Sail: June Edition image 4

Source: CoinMarketCap

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!

Following our article on Technical Analysis, we think it’s best to help you get used to the most common indicators using the real BGB chart.

BGB Sail: June Edition image 5

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).

BGB Sail: June Edition image 6

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.

You may refer to our May Report to see how well BGB has performed that month, and the last Hot Takes of June will provide proof of BGB's outstanding performance from June 26 to July 03.

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:

Deposit and Trade Futures to share 200,000 BGB

Benefit Pack for BGB Enthusiasts

BGB Challenge - Easy Mode

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.

By holding BGB, you are entitled to the following benefits: Transaction fees discount; Stake to earn; Access to early investment and many other exclusive rewards dedicated to BGB holders.

To explore more about BGB, please refer to the following reads: The Mission of Bitget’s Ecosystem, BGB’s May 2022 Report and BGB’s Q1 2022 Performance.

Want to become a BGB holder now? Buy BGB on Bitget!

Sign up today and keep on learning with Bitget Academy!

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