Market updates

Bitget Hot Takes (November 06 - November 12)

Beginner

2023-11-13 | 5m

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.

Central Themes

• BGB clings to US$0.48, volume up by 56%.

• To be watched out the week ahead: U.S. CPI release on November 14, 2023.

• Bitcoin breached US$37,000, Ethereum US$2,000, Solana led the Top 10.

• Poloniex got hacked with estimated losses over US$100 million.

BGB Clings To US$0.48, Accumulation Trend Still Strong

The 7-day performance of BGB is +1.5%, seemingly modest in comparison with others, but remember that we’re back and forth between US$0.48 and US$0.49, which is close to its all-time high of US$0.513378 (also established this year).

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The smaller movements in BGB prices explain the lower volatility, and again, we need not to say that we are happy with this current level of volatility.

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However, the fact that BGB is still lingering around its four-month high continues to spark investors’ interest, and results in a surge of 56% in its weekly volume to US$200 million. When we look at the 4H chart, it’s clear that accumulation trend is quite strong, hence why BGB’s volume-to-mcap ratio is picking up.

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If you are new, hi there, BGB is the native token of Bitget. It’s currently one of the most searched for tokens on CoinGecko, and we invite you to learn about the perks that come with BGB to see why this wonderful token is so loved. BGB has hit its all-time high this year in June at US$0.513378 (and US$0.490540 as of last week) from a mere opening price of US$0.181712 on January 01, 2023. We have good reasons to retain our faith in its incredible performance:

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

‘Leave Crypto If You Haven’t Tweeted “We’re So Back” This Week’

Let’s start with the biggest news - so far (yes we hope for more) - this year: Bitcoin prices are back to US$37,000 and Ethereum to US$2,000 for the first time since May 2022! Among the Top 10, Solana recorded the biggest gain this week of 33.7%, followed by a 16.5% increase in volume. Most traded in the Top 10, however, is our beloved memecoin DOGE: up by 13.5% in value and 121% in volume!

The joy spread out quickly across markets, X (formerly Twitter) and Telegram of course. Do you remember Beeple, the man who sold the first ‘purely digital artwork’ for US$69 million at Christie’s? He has decided to rename his upcoming event from ‘Crypto Winter Wonderland’ to ‘Crypto Bonerland’. And in the Halloween special episode of ‘The Simpsons’, we get to see Homer minting a Bart NFT, Marge trying to rescue him by going into the blockchain, and the Mayor announcing the digitisation of the city’s art gallery. All the hype and well, as ThreadGuy said: ‘leave crypto if you haven’t tweeted “we’re so back” this week’.

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We have every reason to believe that this comeback is mainly driven by institutional interest, with a big dose of hopium for not only the first spot Bitcoin ETF but also the first spot Ethereum ETF in the U.S. On the other side of the planet, Hong Kong is considering a spot Bitcoin ETF as well. The City has proved their ambition in becoming a true crypto hub in Asia with crypto retail trading, an ecosystem of tokenised products, and UBS’ new service for wealthy clients, which allows them to trade three currently available crypto ETFs in Hong Kong: Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures ETFs.

Another big player to join the crypto force is HSBC, who plans to begin to offer tokenised securities custody service for institutions in 2024. Meanwhile, Standard Chartered’s venture arm SC Ventures has partnered up with Japanese financial conglomerate SBI Holdings to invest US$100 million in crypto.

The Latest Bitget News

First, take a look at our incredible performers of the week here:

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This week we have eight tokens whose 24-hour change exceeds 100%: T2T2/USDT, GROK/USDT, ARBINU/USDT, HMTT/USDT, SHRAP/USDT, SATS/USDT, FERC/USDT, and TEM/USDT, three out of which are Bitget’s initial listings. If you are a spot trader, don’t forget that we are calling for project recommendations - submit info about your favourite project and earn 100 USDT once it’s listed on Bitget!

Don’t forget that our spot listings always come with a bunch of real good deals:
• Bitget Savings: New tokens can be added to our savings vaults within days after the listing with up to 100% APR for a limited time!

• Bitget Launchpool: Similar to Bitget Savings, but it’s for BGB owners to put their holdings to work!

• Buy new tokens with 0 fee: We introduce a new token every week, and you can buy it with your Credit/Debit card at no processing costs for seven days! Added to the program this week is ORDI - don’t let this opportunity pass by!

Want some extra juicy deals?

• Check out Bitget’s Zero-Fee Program: activated every Wednesday and every weekend for Bitget users who own a Credit/Debit card!

• Play Spin and Raffle before November 19 to share 200,000 USDT!

• Save the date for Bitget’s Black Friday Deals: for the EU region, U.K, Canada, Australia, Spain, Portuguese and LATAM region!

• Bitget Snowball and Bitget Smart Trend: New subscription period begins every Monday!

• Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday

Bitget Spot Trading’s volume went UP by 71%. Bitget Futures Markets’s average crypto OI saw a further expansion of 23%, average Bitcoin OI by 14.7% in the last 7 days, meaning Bitcoin dominance on ours futures market decreased by another 6.8% to land at only 47%.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn an additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!