BGB Sail: July Edition
Our BGB Sail Series provides an in-depth analysis of BGB performance, together with a recap of the 44d610e5-ad36-43f5-ae0e-54279ef6754b situation at the end of each month.
BGB Sail: June Edition can be found here.
The global market cap fell slightly by 1.3%, landing at US$1,223,923,817,837 on July 31, 2023 (0:00 AM UTC). Except for Bitcoin, Ethereum, and BNB, all others in the Top 10 saw increases in their market cap. It’s worth noting that XRP had snatched away BNB’s Top 4 for a brief two weeks following their federal court win.
SOL made an incredible comeback to the Top 10 thanks to the ruling of XRP and the boom of liquid staking activities on this chain. The TVL of liquid staking protocols on Solana jumped by 91% in the first six months, per The Block, signalling the growing interest in this niche category across broader markets.
Let's take a look at the performance of the Top 10 in July. Please note that stablecoins (Tether and USD Coin) and LSD (liquid staking derivatives - STETH) are excluded because their value is supposed to remain ‘stable'. The win of XRP not only helped it secure the title of ‘best performer in the Top 10’ with a monthly change of +48.5% but also inflated the price of other cryptocurrencies labelled ‘security’ by the SEC, including DOGE (+23%), ADA (+14.4%) and SOL (+34.8%).
Keep up with all the latest news every Monday with our Bitget Hot Takes series! The latest report is available here: Bitget Hot Takes (August 07 - August 13)
BGB Performance in July
BGB has had a weaker performance in July, ending the month with a minor loss of 6.6%. The token has entered a period of consolidation where the spread between the monthly high (US$0.494244) and the monthly low (US$0.484505) is extremely tight, having declined by 60.7% from last month’s.
Despite the lower lows in July, the Accum/Dist line didn’t show any signs of going downward. That, combined with the stable volume of BGB, indicates that this current down trend isn’t likely to hold. We have every reason to look forward to a breakout in the bullish direction.
When it comes to liquidity, all exchange tokens experienced less buying and selling activities in July. The volume-to-mcap ratio measures how easy it is for a token to change hands and thus can be used as a basic indicator of liquidity. Blockchain data platform Coinranking.com considers a token with a volume-to-mcap ratio of 0.001 or higher as ‘first tier’ tokens. BGB remained the most liquid exchange token with a stable volume-to-mcap ratio of 0.02, while demand for BNB and HT dropped much faster and to a higher degree than the change in their market cap.
BGB still claims the 4th place on the list of exchange tokens by market cap, leaving the next exchange token of GT behind by more than US$70,000,000. New to BGB and Bitget? Check out this Bitget Token (BGB) Introduction
BGB has been considered a blue-chip exchange token and thus a good long-term investment for several reasons. First of all, owning BGB means you will benefit from the expansion of the ever-growing Bitget ecosystem. Bitget is the first exchange to launch a crypto copy trading product in 2020 - the first of many innovative rollouts throughout the past three years; the better we become, the more profitable it is to invest in BGB. Besides, BGB is the ticket to multiple activities on Bitget, including Bitget Launchpad (hold BGB to get exclusive access to highly anticipated IEOs), Bitget Launchpool (stake BGB to earn new, promising project tokens for free), Bitget Lottery (hold BGB to win prizes in BGB every day), BGB Earn (generate more BGB from your current holdings and/or secure the opportunity to buy BGB at discounted prices), Bitget VIP Program, GroupCoin (hold BGB to get the chance to purchase staple cryptocurrencies at special prices), Vote-To-List (hold BGB to decide whether the project will be listed on the exchange and get rewards for your participation).
The IEO on Bitget Launchpad in late June - early July attracted 5,216 participants who altogether locked 30,311,284.39 BGB to get the opportunity to purchase TypeIt (TYPE) and gain the first-mover advantage/take up arbitrage opportunities since Bitget was the first exchange to open TYPE trading. At its all-time high, TYPE value is more than four times the IEO price, which translates to a ROI of over 590%.
The most popular farming pool on Bitget Launchpool has 56,290,816 BGB (ca. US$52.5 million - estimated using BGB price data on July 31, 2023 from CoinGecko) staked. We have introduced ROI as the new way of calculating earnings for Bitget Launchpool, which allows for easier planning and decision-making. Starting from July, the two staking methods are Normal (reserved for Beginners) and Refer Earn. Staking ROI for beginners is in general higher than that for other users, but their reward pool is limited in size so that fairness is ensured for every group of stakers.
We have completed three rounds of Bitget Launchpool in July, and are currently holding two new rounds for KAT. The carefully selected reward tokens make farming more lucrative, thereby driving the demand for BGB further up.
To sum things up, BGB has never failed to impress. See yourself how:
We are delighted to share with you the new rebranding initiative that demonstrates our dedication in equipping individuals with innovative products as well as sophisticated tools for an efficient financial future. Both our focus on users and our commitment of providing a safe, smart and productive trading environment remain the same.
Accompanied this initiative is our #SetForChange campaign in collaboration with renowned actor and comedian Adam Devine, who shares the same passion for crypto education and adoption with us! We hope to onboard more of the younger generations with modern financial tools and Web3 possibilities via an engaging, lighthearted approach as embodied by Adam.
We are about to kickstart the famous Bitget’s KCGI for 2023! The event was first introduced in 2021 with nearly 7,500 trading enthusiasts and has since become a specialty of Bitget that takes place twice a year. What’s new this time? A summary would be (1) upgraded prize pool to up to 2,650,000 USDT and (2) the addition of the Demo Trading League, where individuals will compete in our dedicated demo trading environment to share 20,000 USDT!
More on Bitget’s 2023 KCGI can be found here: Bitget KCGI 2023: Unleashing the World's Trading Titans
Spot Futures Activities
The average daily number of outstanding contracts on Bitget Futures soared by 55.3%, especially towards the month’s end, with the daily average Bitcoin OI rising by 50.6%. Some notable recent changes to Bitget Futures include the leverage adjustment for XRPUSDT contracts (to 125X) and the addition of new pairs:
• TYPE/USDT: 2,922%
• BMTC/USDT: 1,484%
• SALD/USDT: 761%
Of course we can’t not talk about the flagship Bitget One-Click Copy Trade! In July only there were 2.5 million profitable trades, which results in over 10 million USDT in followers’ profits and 450,000 USDT traders’ profit shares. To make the process of selecting traders even easier for new users as well as followers, we have launched a new tool for you here: Elite traders comparison. This feature allows for a general comparison of several traders at the same time based on their basic information, trading data and insights activities.
As a new user, Bitget One-Click Copy Trade warmly welcomes you with multiple long-term events as follows:
• Worry-free copy trading: Losses incurred from liquidations in your first 14 days of trading will be covered by Bitget
• Join Bitget as an elite trader for rewards: Many ways to earn more using your trading skills
• Win a Spot Copy Trading welcome gift: Get 10% raise on ROI or a 100% compensation for your first spot copy trade
Earning With Bitget
We have been continuously expanding the variety of investment products on Bitget, with Bitget Range Sniper being the latest introduction. The lowest APR on Bitget Range Sniper up until now is guaranteed at 20% despite your speculation of market sentiment, the highest is over 300%, and that's why Bitget Range Sniper has become the new obsession of many investors.
Source: Bitget Range Sniper
Bitget Range Sniper differentiates itself from other earning schemes on Bitget in the exceptionally high yields. Even if the market moves in the opposite direction to the subscriber’s prediction, the 20% guaranteed APR is high enough to cover the value depreciation of the cryptocurrencies to be paid out, i.e. Bitcoin and Ethereum. It is also perfect because they can hold them and lock in the profit once prices go up. If prices progress in line with their expectation, the exceptionally high profits will be realised immediately by the payout in USDT. Subscribers win, either way.
Also allowing investors and technical analysts to ride with the waves is Bitget Smart Trend. Bitget Smart Trend is principal-protected, which means investors have the opportunity to place a bet on BTC/ETH prices of the next seven days without worrying about losses at settlement. You can subscribe to Bitget Smart Trend with Bitcoin, Ethereum, USDT or BGB as well, but the gains are distributed in the form of the asset you use to subscribe. It’s our delight to announce that we have increased the guaranteed floor APR to 4.5%! Don’t forget that BGB subscriptions have been enabled specifically for Bitget Smart Trend!
Source: Bitget Smart Trend
Bitget Dual Investment takes full advantage of the ‘buy low, sell high' strategy. It's designed to provide long-term investors with a 2-in-1 plan; that is, subscribers can buy a cryptocurrency (with stablecoin) and earn interest in that cryptocurrency if its price at the end of the subscription period is equal to lower than their expectations. If the price of that cryptocurrency is eventually higher than the expected price, purchase is not enabled and interests are calculated in stablecoins. That's the Buy Low scenario.
On the other hand, Sell High subscribers will sell their crypto holdings at a favourable price in the future and earn interests in stablecoins. Should markets move against them at the end of the subscription period, no selling is allowed and interests are calculated in the cryptocurrency to be subscribed. In short, users will receive their original holdings plus interests even in disadvantageous conditions.
Imagine planning your long-term crypto investments. You can either let your stables sit there until your limit order is filled or jump to Bitget Dual Investment to make some extra money on the idle funds. And the latest upgrade of Bitget Dual Investment is even higher APR (over 200%), daily subscriptions and VIP exclusives - always buy low, always sell high!
Now back to Bitget Shark Fin, the original capital-guaranteed structured investment product. There are four rounds of SharkFin in July, each with full options of earning BTC from BTC deposit, earning BTC from USDT deposit, earning ETH from ETH deposit and earning ETH from USDT deposit. 100% of the cases ended up in the Shark Scenario, which is the scenario with much higher APR, hence subscribers turned out to be winners all the time. Do you know that we also upgraded Bitget Shark Fin’s guaranteed APR to 7%, which is one of the highest APRs for investment products in the industry!
Source: Bitget SharkFin
The charm of Bitget Earn is irresistible. In May only, the total fund subscribed to these four products amounted to US$10.5 million. Bitget SharkFin is the most popular one not only in terms of the total amount subscribed but also pertaining to the number of subscribers. The second best option for long-term investors is Bitget Dual Investment, whilst it's Bitget Smart Trend for farmers.
Back to the basics? Check out the wonderfully portable Bitget Savings - keep your assets safe and redeem anywhere:
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Simply create an account, and start exploring the incredible Bitget-Verse today!
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