BGB Sail: March Edition
The focus of our BGB Sail Series is on the monthly performance of BGB, with a recap of the market situation at the end of each month.
Bitget Annual Briefing 2022-23 can be found here: Part 1 / Part 2 / Part 3.
Market Summary
March is the second-best month for NFTs since June last year in terms of marketplace volume and growing market anticipation thanks to the BLUR token dropping, despite Meta's abandoning their NFTs programme for Facebook and Instagram.
Source: lars0x
Data from The Block shows that the aggregated volume of NFT marketplaces on Ethereum declined by 26.3% in March - we'll talk about it later - but it's worth mentioning that activities on Blur not only surpassed that on OpenSea for the third time since its launch in October 2022, but also more than tripled OpenSea's numbers.
Some major reasons for the flourishing of Blur include the hype about the BLUR token launch in February and its novel operations design. There are two operation modes on the Blur marketplace, trader mode and collector mode, which significantly improve user experience. However, the recent U.S. banking crisis caused NFT daily volume (and crypto volume in general) to recede, thus affecting the whole month's performance. There is also the possibility that whales are farming intensively on Blur to qualify for the Season 2 airdrop with 300+ million BLUR to be distributed.
With the aforementioned banking crisis, investors have been seeking refuge in safe assets. The most popular option is gold; while investors previously could choose to buy physical gold, trade gold-currencies pairs, or invest in gold investment products such as gold ETFs, the utilisation of blockchain tech allows for the digitisation of physical gold - the perfectly convenient investment. Holders of gold-backed stablecoins have proof of ownership of this precious metal, which can be redeemed at any time. It's important to note that fractional ownership is a huge advantage of gold-backed stablecoins; no matter how much capital you have ready at hand, you can always trade for PAXG (Paxos Gold) or XAUt (Tether Gold) in the equivalent amount.
Source: The Block
Unsurprisingly, March is the month where the combined market cap of PAXG and XAUt exceeded US$1 billion for the first time in history; it proved that many had flocked to blockchain-enabled gold amid banking turmoil.
The first 10 days of March were a rough time for Bitcoin as traders and investors reacted negatively to the collapse of Silvergate - a big banking partner of several top industry players, with the lowest prices falling below US$19,600 on March 10. Now, March 10 is marked as the death day of Silicon Valley Bank (SVB), therefore it became a turning point for the crypto community: woes had spread from crypto to the vast traditional finance markets and people had to look for investment or even value storage alternatives.
Source: CoinShares
Bitcoin's dominance in the crypto market cap is justifiable: its supply is fixed at 21 million Bitcoin (we'll be there soon) and data from CoinShares shows that BTC liquid supply is lower than 40%. Lower availability, combined with doubts about banks' reliability, had eventually sent Bitcoin to levels that haven't been seen since June 2022, paving the way for a bullish momentum toward April.
BGB Performance in March
BGB has been holding strong this month. BGB is among the best performers in the category of exchange tokens besides BNB and GT. Overall, exchange tokens suffered from a decrease in value due to the Silvergate and SVB fiasco, but BGB was able to demonstrate a sustainable upward trend in the second half of March. Meanwhile, BNB was slowly losing its appeal towards the end of the month, reflecting the regulatory scrutiny Binance had to face.
On a second note, BGB's monthly high has decreased by 14.7%, whereas its monthly low rose by 47.8% from US$0.21205 to US$0.313502. This means that if you purchased BGB at its previous all-time high in October 2022 and sold your bag at March's lowest lever, you'd still make a profit of 31.6% (data from Yahoo Finance).
The upsurge of BGB price since the start of this year obviously has a positive impact on the token volume. Interest cooled down in November, December and January but skyrocketed in February to US$315.6 million, equivalent to an increase of 225% from January.
If we compare BGB volume of Q4 2022 and Q1 2023, a change of 115% is also to be confirmed. February volume alone is almost equal to Q4 2022 volume (US$349 million), indicating a strong accumulation among investors.
You can find a detailed introduction of BGB here, but first, take a quick look at this summary below:
And check out our monthly report to see how BGB has made its way to the top:
BGB Sail: September 22 Edition
Bitget-Verse
Bitget’ mission is to support the growth of DeFi via (1) our extension of products (Bitget Launchpool, Bitget MegaSwap, Bitget Earn) so that beginners can get acquainted with DeFi activities in a safe environment, (2) our Bitget Launchpad and Bitget Innovation Zone, where startups and new projects can expose themselves to our strong base of crypto-natives and (3) investing in fundamental crypto services. In March, Bitget made an additional investment of US$30 million into the multi-chain Web3 wallet BitKeep, which is one step forward in our plan to expand the decentralised universe of Bitget.
Spot Futures Activities
Futures activities, represented by the aggregated volume of all contracts, saw a plummeting by 47.6%, with volume suddenly rising from March 06 to March 10, i.e. after Silvergate and before SVB. Bitcoin continued to dominate the futures markets, but the average dominance level is slightly down by 1.27% to 66.1%. To equip our traders with more powerful tools, Bitget has launched the first index futures product named BGHOT10, which tracks a basket of Layer 1 tokens, popular DEX tokens, and other big cap cryptocurrencies. The whole purpose of Bitget Index Futures is to simplify the trading as well as the hedging practices of Bitget users.
Meanwhile, the strong comeback of Bitget Innovation Zone results in a 23% increase in aggregate spot volume, with the highest 24-hour spot volume capped at nearly US$239 million. To make trading spot easier to approach, we have launched the brand new Bitget Spot Copy Trading, first on the Bitget App for Android devices!
For anyone not yet joined the world of crypto, our Welcome Package for new traders is boosted by 20% to 5,005 USDT! Register here and complete all tasks in the Bitget Rewards Center to receive the gifts!
Earning With Bitget
There are several ways to earn more on Bitget. For example, Bitget SharkFin is a unique structured investment strategy with minimum risk - brought to you exclusively by Bitget. If you got crypto staples like BTC and USDT, you can head over to Bitget SharkFin to put your assets to work right now at the lowest guaranteed APR of 1%.
Bitget SharkFin has two new earning options in March: earn ETH from ETH and earn ETH from USDT. Please note that the APR floor (guaranteed APR) for most rounds in March was raised to 5% - better than saving rates in many countries.
To be discussed is the actual rate of earning. With Bitget SharkFin, we introduce a lower bound-upper bound APR mechanism to ensure a fair outcome. If you take a look at the annualised returns, which is calculated by dividing the return after 7 days of Bitget SharkFin subscription by the original principle and annualising the result, it's safe to say that subscribers of Bitget SharkFin rounds ended up earning more than expected most of the time. That is, there are only two rounds where annualised returns are lower than the round's APR upper bound, so still well within the expected range.
Bitget SharkFin has ushered in an entire future of structured earning products for cryptocurrencies with guaranteed APR at low risks. Imagine betting on the next 7-day BTC movements, make a nice profit if you do it right and still lock in a minimum yield even if you’re wrong. In other words, payoffs are ensured no matter what. Hold on before you jump to the worst possible conclusions; no, it is not surreal, it is no scam - it is just how much effort we put into the new Bitget Smart Trend. Also coming in with an APR range for favourable scenarios and an APR floor, this new earning product allows users to ride the wave with confidence!
Interested yet? Subscribe right now to share 25,000 BGB in welcoming rewards for Bitget Smart Trend! Need some more explanation? We've got you covered as well: Don’t Wait On The Trend - Earn The Trend: A Tutorial On Bitget Smart Trend
If you are an owner of BGB and/or interested in new tokens, you must check out the mighty Bitget Launchpool, which is designed to conclude in five days to avoid any radical changes in the reward tokens’ prices. Many pools are in favour of BGB holders; however in celebration of Bitget Arbitrum Week, our users can farm ARB with several Arbitrum tokens. Nearly 200,000 USDT in rewards has been distributed in March, making Bitget Launchpool the new go-to farming option.
Bitget Launchpad and Bitget Innovation Zone is the powerful duo offering endless earning opportunities for investors. We are constantly adding new options from these two to Bitget Flexible Savings - an investment product that allows you to redeem your assets at any time. Check out this event immediately; there are only 4 days left till the end of Phase 10!
A Relentless Crypto Advocate
Supporting the growth of the digital space is our ultimate mission. In addition to the newly launched Bitget Web3 Fund, which aims to provide necessary funding and related expertise for VCs and startups, we have also partnered with CoreDAO to launch the US$200 million ecosystem fund to aid Dapp innovation on the Core Layer 1 blockchain.
April 20 is right around the corner, and so it’s time to celebrate DogeDay! The first memecoin ever, the predecessor of all doge-themes tokens, Elon Musk's favourite, DOGE proves to us that any idea can become a cultural phenomenon and an unrivalled opportunity - if we believe! Stay tuned to not miss our exclusive event for DOGE lovers!
Join us now on these bountiful events:
Bitget Smart Trend Has Officially Launched! Share 25,000 BGB Now!
100,000 USDT Prize Pool! Bitget’s Copy Trade Competition is in full swing!
Open mystery boxes and win up to 100,000 USDT in prizes!
BTC Trading Carnival: Share 50,000 USDT
Win Exciting Spring Rewards, Grab a Share of 10,000 USDT
Join the Launchpad: Claim Up to 200 USDT + 50 BGB
Bitget launches spot LSDETF — trade to grab a share of 20,000 LSDETF
Launchpad Earnings Week, subscribe earn up to 20% APR!
XEN Crypto (XEN) Savings is UP, Subscribe Earn up to 13% APR!
Get exclusive auto-invest strategy rewards and grab a share of US$10,000
Bitget Launchpad User Make P2P Transaction to Split 100,000 BGB
[Bitget VIP] Best traders awards! Win $100,000 reward!
Play Token (PLAY) listed on Bitget — come grab a share of US$50,000 in PLAY and 20,000 USDT!
Join the Conflux (CFX) trading carnival to share 49,000 CFX
Deposit to List: Carbon Browser (CSIX) - Deposit and Share $25,000 CSIX Rewards!
ArbDoge AI (AIDOGE) listed — deposit and trade to grab a share of 35 trillion AIDOGE and 10,000 BGB!
[Initial Listing]Bitget Will List GoSleep (ZZZ) in the Arbitrum Zone
Simply create an account, and start exploring the incredible Bitget-Verse today!
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