BGB Sail: August 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.
BGB Sail: July Edition can be found here.
Market Summary
We will take a look at the major cryptocurrencies’ performance in the next part, but August is undoubtedly a gloomy period for crypto in terms of gains and funding. Crypto projects received a total of US$1.8 billion, which is the lowest figure since April 2021.
Ethereum stole Bitcoin’s spotlight in August as The Merge’s official date was announced. However, most U.S. Bitcoin long ETFs saw 17 red days (out of 22 trading days!). Global BTC funds also faced great selling pressure, which led to an outflow of 20,168 BTC from Bitcoin ETPs worldwide.
Source: Arcane Research
It’s worth noting that the majority of on-chain Bitcoin transactions (97-99.9%) since August-September 2020 are transactions with volume of over US$100,000.
Source: IntoTheBlock
And for the first time ever, Ethereum’s futures volume was 11% higher than Bitcoin’s as shown in the following chart:
Source: The Block
The Merge Latest Updates
Ethereum Merge has successfully been completed as of September 15, 2022. Both ETH and ETHW (IOU for the Ethereum fork’s token) saw a significant increase prior to The Merge. Interestingly, price actions after The Merge were not as amazing as expected, even though energy use by the network has declined by 99.95%.
Chart on the left is ETH, chart on the right is ETHW.
Source: CoinMarketCap
Gas fees have, apparently, not been reduced yet. That notion should only be realised after Sharding is implemented (ca. 2023). Therefore, the first NFT minted on the PoS Ethereum network cost its original owner 36.8 ETH (more than US$60,000 at the time). The last NFT on the ‘old’ Ethereum (PoW Ethereum), by contrast, cost 31.5 ETH. Take a look at the monumental pieces:
BGB Performance in August
This August was kind of gloomy, with most major cryptocurrencies showing red, even the highly anticipated ETH (-10.10%). However, BGB achieved a nice rally and turned out to be the only one with a positive MoM growth.
BGB As The Only Winner This Month
Before we dive into the actual numbers, let us remind you of one common investment term. When we talk about return, we are referring to the daily cumulative return. Daily return is simply what you got (profit/loss) at the end of the day, while daily cumulative return reflects the aggregate changes in return. Don’t freak out if you see Bitcoin prices in red (and don’t panic sell!), because it may turn out that your investments are still doing good.
The charts below are self-explanatory, right? Historically speaking, BGB has always been able to resist bearish sentiment better than its peers. Proofs have been collected and interpreted on a frequent basis here:
It’s not all sunshine and roses, because the BGB line didn’t hover above 1 every day. The thing is, yes BGB recorded 13 days with negative changes, but that is way lower than the others: 15 days (BNB), 17 days (FTT), 18 days (ETH, OKB, KCS), and 20 days in the extreme case of Bitcoin. Regarding cumulative returns, BGB holders had to experience only 6 days of net losses compared to BTC holders’ 23 days, ETH holders’ 17 days, BNB holders’ 10 days, FTT holders’ 27 days, OKB holders’ 19 days, and KCS holders’ 18 days.
Benefits of Holding BGB
BGB Token lies at the heart of BGB Ecosystem - a brilliant combination of CEX and DEX elements. Of course, Bitget users will get a direct 20% slash on trading fees, but there is more to expect.
BGB holders can now participate in several lucrative activities, from unique investment opportunities to yield farming - yes yield farming is available on Bitget with the launch of Bitget Launchpool! We offer high APR pools, two for each reward token. Staking BGB always comes with a higher APR than staking the reward token, meaning it’s designed to give BGB Holders more benefits.
For cautious investors, BGB Earn is the right choice. 6% APR is way higher than what you could receive by depositing your funds into TradFi banks, and we are not taking inflation into account here. In this sense, holding BGB is equivalent to insuring yourself.
To explore more about BGB appreciation potential, please refer to the following reads: BGB’s Q1 2022 Performance and BCG Report.
Ready to become a BGB Holder? Buy BGB right now: Link for Purchase.
Bitget-Verse
Bitget has positioned itself as the unequalled crypto hub since its inception in 2018. Now the leading platform for digital assets, Bitget offers an amazing variety of products and services, including:
- Bitget USDC-Margined Futures
- Bitget Coin-Margined Futures
And they all fall under the scope of centralised finance (CeFi). A new theme for the next month(s) is our 0% Fee Spot Trading Program, which can be combined with other juicy deals such as BGB Earn, Bitget Launchpool, or GroupCoin - details are given below!
Unstoppable as we are, Bitget has also expanded our services to the DeFi sector with Bitget Savings, BGB Earn, and Bitget Launchpad. Bitget MegaSwap and Bitget Launchpool are the latest additions to the mix, aiming to bring the famous, high-performance models of decentralised finance to our users.
Moreover, to prepare for a potential crypto winter, Bitget has decided to allocate 6,000 BTC and 80 million USDT, which is equivalent to more than US$217 million at the time of writing (Bitcoin is trading around US$22,900), to the new Bitget Investor Protection Fund. This is another user-centric move from Bitget, the leading crypto derivatives exchange with:
- 200 million users from more than 50 countries
- An average of US$7 billion in average daily trading volume
- The unique Copy Trade function - completely beginner-friendly
- 24/7 support in more than 20 languages
Read more about our investor protection fund on CoinTelegraph and Blockworks.
Spot Futures Activities
Bitget maintained the leader position in the crypto futures market with August’s total volume of US$13.45 trillion in aggregated futures trading activities. For the whole month, there was not a single day that Bitget Futures volume fell below US$109 billion, and the highest 24-hour volume was recorded at US$3.95 trillion on Aug 15, 2022.
In August, Bitget listed several new Fan Tokens under Bitget Fan Tokenzone. Together, Bitget Spot Trading, Bitget Innovation Zone, and Bitget Fan Tokenzone attracted almost US$2 billion in volume for July.
Bitcoin dominance in the Futures market was quite stable throughout the last 31 days, ranging from 64% to 70% of the total Open Interest (OI).
Bitget MegaSwap
Bitget MegaSwap is an advanced DeFi aggregator, meaning that Bitget MegaSwap gathers liquidity from a wide range of trading pools for the best price and lowest fees possible. More blockchains will be introduced in the coming months; however, users can already access more than 5000+ tokens on Ethereum and BNB Chain without having to hold ETH or BNB to pay for gas fees. That’s an effective combination of CEX and DEX’s best features.
Bitget Launchpool
Yes, yield farming has come to Bitget with the launch of Bitget Launchpool!
Bitget releases two staking pools at a time with the same reward token. Staking BGB is the default option (grab your BGB asap to not miss the chance) and comes with a higher APR (of course!), but it’ll work as well if you have the exact token on hand, for example, to earn XRP you can stake BGB or stake XRP, to earn LUNC you can stake BGB or stake LUNC and so on.
New pools are launched consecutively, and there’s a time limit for each two pools! That is to allow BGB Holders to participate in different pools and earn more. Reward tokens are selected carefully; all of them have a strong community and loyal supporters to ensure easy trading later!
Check out Bitget Academy’s guides to Bitget MegaSwap and Bitget Launchpool:
The Essential Guide To Bitget MegaSwap
Introduction to Bitget Launchpool
GroupCoin Bitget Elite Club
Bitget is releasing new programs for all trader groups, which our users can fully utilise to develop an economic trading strategy. The first one is GroupCoin, a unique feature for Spot Trading. Users can team up to buy tokens in mass for extremely good prices, for example, a group of more than 2,000 can buy BTC at half the price.
For full-time traders, we invite you to join Bitget Elite Club to get rid of maker fees in the first months and waive fees for other types of transactions. Please contact us here to get personalised solutions for your trading!
Join us now on these bountiful events:
Spreading The News On Bitget 0% Spot Trading Fee To Share US$10,000 In BGB
Zero Trading Fees and Sharing US$300,000 Plus 100 Million LUNC In Rewards
Bitget September Futures Trading Competition
StarTrader Recruitment Program
Follow Bitget Academy for more insights:
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