BGB Sail: August Edition
Our BGB Sail Series provides an in-depth analysis of BGB performance, together with a recap of the market situation at the end of each month.
BGB Sail: July Edition can be found here.
August began with the Curve exploit, which created a widespread impact on the entire market, especially Ethereum because it’s the home to blue-chip DeFi projects. However, the loss might somewhat be compensated by the (also somewhat) eager anticipation over more than 12 spot Ethereum ETF applications.
The global market cap fell by 11.8%, landing at US$1,079,165,943,258 on August 31, 2023 (0:00 AM UTC). All Top 10 saw a shrinking in their market cap. The gap between BNB and XRP’s market cap surged by nearly 25 times, despite the fact that XRP had snatched away BNB’s Top 4 for a brief two weeks in July following their federal court win.
Stablecoins are the least affected - after all, investors don’t want to seek refuge in risky assets given waves of fear caused by Curve falling prey to reentrancy vulnerability as well as stubborn inflation in the U.S., yet they still want to be part of the digital space. There lies the glory of stablecoins.
Two big token launches recently include WorldCoin (WLD) and Sei (SEI). WLD was officially launched on July 24, 2023 and achieved a gain of 543% in 24 hours, whereas SEI made its debut on August 15, 2023 with the first 24-hour increase of 2,650%. By the end of August, WLD had already lost 63% of its value from the all-time high at US$3.3, SEI 66.7% from US$0.455153, and the bleeding continued into September until they both hit their all-time lows on September 12, sliding further down by 17.5% and 22.3%, respectively.
Check out our weekly top gainers in the Bitget Hot Takes series (released every Monday) here.
BGB Performance in August
BGB’s monthly high decreased by 5.2% to US$0.468639, with the corresponding volume down by 5.7% as well. That being the case, BGB still limited its losses at the lowest possible degree, hence a better performance than all of the Top 10 and five out of eight exchange tokens.
When it comes to liquidity, all exchange tokens experienced less buying and selling activities in August. 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 second-most liquid exchange token with a stable volume-to-mcap ratio of 0.02. BNB’s volume-to-mcap ratio was the second-high with a tendency to decrease, and that means investors keep selling the token, most likely because of the worldwide scrutiny on Binance.
New to BGB and Bitget? Check out this Bitget Token (BGB) Introduction and its limitless potential.
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 most popular farming pool on Bitget Launchpool in August has 18,084,603 BGB (less than US$8 million - estimated using BGB price data on August 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 four rounds of Bitget Launchpool in August with almost 134,000 USDT in reward value. 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:
The famous Bitget’s KCGI for 2023 had officially begun in August! 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. Results for the demo trading league and the spot trading league can be found here:
Participants of the demo trading competition would be able to share the 20,000 USDT prize pool.
Teams in the spot trading competition would be able to share the 50,000 USDT prize pool.
Only 10 days left to register for the last competition - learn how-to and join the titan league ASAP here: KCGI 2023 Futures Trading Competition Intro
Spot Futures Activities
Aligned with the drop in CEXs’ volume, the average daily number of outstanding contracts on Bitget Futures decreased by 24.2%, with the daily average Bitcoin OI down by 37.4%. That is equivalent to a decline of 16.6% in BTC’s dominance on Bitget Futures Trading. Below are some new listings on Bitget Futures Trading:
The total volume of Bitget Spot Trading in August increased to US$4,316,861,168. We have 25 new token listings with the whopping 24-hour gains:
• LAB/USDT: 1,929%
• XRP8/USDT: 535%
• MMVG/USDT: 472%
• AIMBOT/USDT: 402%
Of course we can’t not talk about the flagship Bitget One-Click Copy Trade! In August there were 4,000+ new elite traders, 25,000+ new followers, and 2.4 million profitable trades, which show some slowing down compared to last month. However, that didn’t affect our skillful community of traders and followers at all: the amount of followers’ total profit soared to 14 million USDT (+40%), whereas traders’ profit share went up by 55.6% - an obvious result of utilising BGB to achieve a higher profit share ratio. 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 an aspired elite trader, Bitget One-Click Copy Trade warmly welcomes you with many ways to earn more using your trading skills: Join Bitget as an elite trader for rewards
Earning With Bitget
One of the latest additions to the Bitget Earn investment options is Bitget Snowball, an unique principal-guaranteed structured investment product that offers risk-averse investors the opportunity to collect profits safely and routinely. A detailed guide on Bitget Snowball is available here: Bitget Snowball: Unlock Sustained Yields for Explosive Growth Amid Market Volatility. It’s important to note that a new phase of Bitget Snowball will be unlocked every Wednesday! Hop in at any time!
The next one is designed to meet the specific needs of high-profile Bitget users. If you are a Bitget VIP, an asset manager or an individual of high net worth, Bitget Wealth Management is a good choice to grow your portfolio in a steady way. Learn more about Bitget Wealth Management here.
The two products gaining momentum in August are Bitget Dual Investment with a decent change (+35.6%) in the number of subscribers, a whopping 72.3% increase in the amount subscribed and an acceptable change in the average amount subscribed per subscriber, followed by 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!
Bitget Smart Trend is nice for anyone who wants to ride with the waves. 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! In this about-to-end round, bearish ETH scenarios offer the highest APR of 166.54% and 133.23%.
Bitget Shark Fin is Bitget’s OG capital-guaranteed structured investment product. 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 - go subscribe to our upcoming Bitget Shark Fin rounds today!
In the latest rounds of the 8-day Bitget Range Sniper, which ends today, the highest APR is an incredible 365% for the bullish BTC prediction. The subscription period of Bitget Range Sniper is now flexible, ranging from 2 days to 8 days to allow subscribers to make necessary portfolio adjustments regarding market changes.
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.
Back to the basics? Check out the wonderfully portable Bitget Savings - keep your assets safe and redeem anywhere:
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