Market updates

BGB Sail: October Edition

Beginner

2023-11-17 | 5m

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: September Edition can be found here.

Market Summary

In this UPtober, the global crypto market cap increased from US$1,153,294,059,599 to US$1,351,964,680,376, which translates to a rise of 17.2%. The biggest news is Bitcoin did not only hold onto the US$27,000 but climbed to US$29,000 on October 20 then soared to US$35,000 on the very last day of the month. Bitcoin’s market cap rose by a good 28.3%, but it’s definitely not the most impressive. Solana led the altcoin rally that has been following Bitcoin’s comeback with a 66.8% market cap change, flipping Cardano and Dogecoin to take the 8th place on the list of top crypto by market cap. SOL breached US$35 on October 31 before crushing US$40 on November 01, 2023. As of November 15, SOL was already on its way to US$60. SOL volume in October more than doubled that in September at US$21,495,338,444.

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You’ll ask: What the F is going on here? There are some explanations for the surge of Solana, including the FTX bankruptcy court’s decision to ensure that the liquidation of FTX assets is executed in batches every week to avoid a market cascade. So no supply pressure here, SOL successfully reclaimed the US$20 support level towards the end of September, and an upgrade to the whole ecosystem have been driving its prices to this year’s highs. Data analytics firm Santiment predicts a bullish momentum for Solana as ‘nearly 2% of all discussions related to top 100 assets are related to SOL’.

When we take a look at the performance of the Top 10, SOL leaves other L1 tokens way behind with a 70% jump in value. That comes as a result of increasing TVL and DeFi activities on Solana, especially of DEXs.

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All eyes were on the spot Bitcoin ETFs talks and the FTX trials, which are all covered here:

Anticipation of Bitcoin ETF Approval Sparks Optimism and Fuels Price Surge

The First Two Weeks of FTX Trial: Friends to Foes, Secrets Exposed

What Happened During The Third Week of the Sam Bankman-Fried Trial

Verdict's In: Sam Bankman-Fried's Testimony in the Final Weeks Leaves No Room for Doubt

Keep up with the latest news with our Bitget Hot Takes series (released every Monday) here.

BGB Performance in October

BGB endured a decline of less than 10% for half of October, then picked up pace in the last five days, locking in a monthly high of US$0.486946, which is 5.8% higher than September’s US$0.46014. The 30D volume shows a minor 4.4% decrease from US$546 million in September, but we were still well above the half-billion mark.

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Except for MX and CRO, who enjoyed a growth of more than 20%, most exchange tokens see smaller increases in market cap than the Top 10. Nevertheless, the humble 5% change in October still holds the difference of US$100++ million between BGB and GT’s market cap in place. HT is the only one in the list to end the month on a negative note, with its market cap down by 1%.

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BGB has recently hit its new all-time high at US$US$0.583651 on November 13, and the entire story is covered here: BGB Achieving New ATH In November. New to BGB and Bitget? Check out this Bitget Token (BGB) Introduction and its monthly analyses below:

BGB Sail: September 23 Edition

BGB Sail: August 23 Edition

BGB Sail: July 23 Edition

BGB Sail: June 23 Edition

BGB Sail: May 23 Edition

BGB Sail: April 23 Edition

Bitget-Verse

We celebrated the 15th anniversary of the Bitcoin White Paper by realising Satoshi Nakamoto’s vision with the expansion and refinement of our products, thereby accelerating the adoption of cryptocurrencies and Web3.

Spot Futures Activities

The monthly average crypto OI on Bitget Futures increased from US$3,108,848,234 in September to US$3,457,877,710 (+11.2%) in October, and the monthly average Bitcoin OI is also up by 8.2%, which further reduces BTC’s dominance on Bitget Futures Trading by nearly 3%. Below are some new listings on Bitget Futures Trading:

• POLYXUSDT

• WAXPUSDT

• ORBSUSDT

• BIGTIMEUSDT

• LOOMUSDT

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The total volume of Bitget Spot Trading in October increased by 73.1% to US$9,709,826,679, which is 3.3 times higher than in January, thanks to the 26 new listings, 5 of which are initial listings and the diversified activities that are available for those newly listed tokens, for example, the limited zero-fee BIGTIME and NERD purchases for Credit/Debit card holders. Our Zero-Fee Program also takes into account the need of Credit/Debit card holders to purchase other tokens and is therefore turned on every Wednesday and every weekend! And as a new user, you can even get up to 50% cashback for your first crypto purchases via Credit/Debit card or bank deposit: Share the 10,000 USDT weekly prize pool until the last day of November.

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You can see that one out of five Bitget Initial Listings (OFN) made it to the Top 5 daily gainers of the month. That means there is a decent possibility that those carefully selected by our spot team to make their debut via Bitget will end up as the top 24H performers.

You can also earn new tokens for free via Bitget CandyBomb, our task-and-airdrop platform that is the very first in the industry. There were three rounds of airdrops in October, which together have distributed an approximate US$13,217 in rewards to participants. When you have the opportunity to buy potential tokens with Bitget Launchpad, Bitget CandyBomb allows you to get selected tokens for FREE!

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In October, the copy traders’ network of our Bitget Copy Trade saw 4,000+ new elite traders, who helped generate 11.9% more profitable trades. We have just launched the new Private Mode for copy trading, in which traders can establish real close connections with their followers and take advantage of them to improve their trading strategies to benefit both parties.

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Check out our guides for Bitget Copy Trade’s Private Mode here:

Bitget Launches Private Mode for Copy Trading

Copy Trading Private Mode: A Must-Read for Elite Traders

Bitget Private Mode: A Must-read for Followers

As an aspiring elite trader, Bitget Copy Trade warmly welcomes you with many ways to earn more using your trading skills: Join Bitget as an elite trader for rewards. Followers, on the other hand, can share 50,000 USDT in rewards until November 28!

Earning With Bitget

Also often seen to accompany new listings are new additions to Bitget Savings’ vault, with the highest APR offered being 80% for CBK. Don’t miss out on the ongoing Savings boost with limited time and quota below:

Nakamoto Games (NAKA) Savings Boost! Subscribe and enjoy 40% APR!

Verified USD (USDV) Savings Boost! Subscribe and enjoy 50% APR!

For new subscribers of Bitget Savings, there’s an exclusive offer of up to 60% APR for USDT vaults that can be found here. Meanwhile, the Wealthy Tuesday program, which occurs every week, offers as high as 23% for USDT, BTC, ETH and other selected tokens.

Newly introduced in the final days of August, Bitget Snowball is demonstrating its determination to compete for the most-beloved position among our users with a 284.7% increase in the amount subscribed, both in total and per subscriber! It’s important to note that a new phase of Bitget Snowball will be unlocked every Wednesday! Hop in at any time!

Designed to meet the specific needs of high-profile Bitget users, Bitget Wealth Management is a good choice for any Bitget VIP, asset manager or individual of high net worth, to grow their portfolio in a steady way. Learn more about Bitget Wealth Management here.