Bitget Hot Takes (July 17 - July 23)
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.
• XRP flipped BNB to become the fourth largest cryptocurrency by market cap.
• OpenAI CEO's Worldcoin (WLD) will launch on Bitget today, July 24, at 8:00 AM (UTC).
• The Twitter account of Uniswap’s founder Hayden Adams was hacked.
• Signs of altseason in Q3 following the XRP ruling.
BGB Is Seeing A Positive Divergence
As both the global market cap and BTC price didn’t succeed in breaching resistance levels, most cryptocurrencies landed in red, except for Ripple (XRP). The ruling clearly has a positive impact on the token, helping it secure the 4th place on the list of biggest cryptocurrencies by market cap. Despite the recent burn that is worth ca. US$480 million, BNB still lost another 5% of its value this week.
BGB prices also experienced some further decline, though, ranging between as low as US$0.451967 and US$0.473984. However, the Accum/Dist line doesn’t show any signs of new troughs at all, meaning the current downward movement of BGB shouldn’t last long.
BGB's volatility increased over the last seven days because of lower prices, but still suggesting better stability than XRP and BNB.
However, BGB’s liquidity has been maintained at 0.02, only lower than that of XRP and ETH. That means buying and selling activities with regards to this token weren’t affected by the recent stall, and they clearly show better resistance to outside noises than Bitcoin.
Here's a recap of BGB activities from July 10 to July 14, 2023:
Check out our BGB Sail Series to see how impressive BGB monthly performance is:
On a side note, recent data shows that BGB has become, once again, the exchange token with the highest potential. The disproportionate growth between BGB value and Bitget makes room for BGB to soar higher - are you ready?
Altseason Q3 This Year?
Despite the fact that Bitcoin hasn’t been able to hold on the US$31,000 mark, data from Glassnode shows that the number of new Bitcoin addresses a.k.a. ‘unique addresses that appeared for the first time in a transaction of the native coin in the network’ achieved new yearly highs on July 16 and July 18 at 544,678 and 547,534, respectively.
Meanwhile, the total number of Bitcoin ordinal inscriptions has increased to 19,079,230 as of 0:00 July 24, which is equal to a rise of nearly 7% from 17,834,780 on July 17, per Dune Analytics.
Learn more about Bitcoin ordinals with Bitget Academy: What Are Bitcoin Ordinals?
There have been four key events that (almost) guarantee the end of a bearish cycle, including BlackRock’s change of heart on Bitcoin, followed by their Spot Bitcoin ETF application, XRP not labelled as a ‘security’ per the latest court ruling in Ripple’s case against the SEC, positive U.S. inflation data in June, and last but not least, the fear greed index consistently showing Greed since June 20.
Now again comes the daily question of what we are buying today. Winter is almost over, there is no need for investors to hold tight on staples and stables and no need for developers to take a cautious approach to product rollouts. We are witnessing the (re-)surge of familiar names such as ChainLink (LINK), Axelar (AXL), Synthetix (SNX) and Uniswap (UNI). The former two are leading infrastructure providers and the latter top DeFi blue chips, which implies the rise of buidl-ers, once again. And that could very well lead to a new altseason in Q3, especially when Bitcoin dominance seems to continue to go down.
The Latest Bitget News
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The biggest talk of the town is dropping on Bitget today: Worldcoin (WLD), a project founded by OpenAI's CEO Sam Altman, will be available for trading on Bitget Spot Trading on July 24, 2023 at 8:00 AM (UTC)! For spot grid traders, WLD/USDT will be available 24 hours later or July 25, 2023 at 8:00 AM (UTC) here!
We have had several initial listings last week, all of which resulted in new extraordinary daily gainers: SALD/USDT (+760.5%), PC/USDT (+151.4%), UNIBOT/USDT (+146.9%) and WAGIEBOT/USDT (+129.0% on July 21 and +47.5% on July 23). Other awesome deals include ARKM/USDT (+1,233.7%), MOG/USDT (+255.4%), L/USDT (+203.6%), BITCOIN/USDT (+201.1%), PSI/USDT (+141.0%), QUICK/USDT (+111.8%) and SHIB2/USDT (+103.4%).
Bitget Futures Markets saw a rise of 3.8% for the average crypto OI and 2.1% for the average Bitcoin OI in the last 7 days, meaning Bitcoin dominance on the futures market has fallen by another 1.6% on average, totally in line with the drop in Bitcoin dominance on the global market.
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Worldcoin (WLD) has been listed on Bitget — come and grab a share of $25,000 in WLD!
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