The Gate (Gate) news

Memecoin Season Is Unstoppable

We have yet to see alts season following the Bitcoin and Ether hype, but a new memecoin mania has already come to town even before BTC making new ATH. TradFi Is Getting Cultured Why did the crypto community get so hyped up on rumors of an approved spot Bitcoin ETF last year? It's not supposed to be a landmark decision for only Bitcoin but also for the entire cryptocurrency market; see how spot Ethereum ETF applications are now being reviewed? TradFi needed regulators to green light the trading of cryptocurrencies, and now that the gate is already opened, there are plenty of opportunities to be seized. Memecoins are the earliest to be on the rise this new bull run because they effectively illustrate the 'high-risk, high-return' principle. They emerged as a cultural counter-response to the serious and often complex world of cryptocurrencies like Bitcoin, with the first one being DogeCoin (DOGE). Memecoins are typically inspired by popular internet memes or social phenomena and are known for their vibrant communities and lighthearted nature. The value of memecoins is heavily influenced by social media buzz, celebrity endorsements, and community-driven initiatives, rather than intrinsic technological advancements, hence they don't need upgrade announcements or anything to soar. Quite the opposite, one new-born memecoin native to Solana is actually one of the main reasons behind SOL price increase: the Dogwifhat (WIF) token frenzy helped to push SOL back to the US$100 territory with its launch in November 2023. BTC making its comeback with 11 spot Bitcoin ETFs began trading in January 2024 has sparked renewed interest in these shared jokes, with some seeing significant gains. Let us quote this conversation on X between Lumida Wealth CEO Ram Ahluwalia and Solana co-founder Anatoly Yakovenko here: "Dogwifhat is the monetary equivalent of the art piece 'Ceci n'est pas un pipe' (a painting which makes viewers question everything they think they know). Is making money on a digital asset secured on-chain somehow less legitimate than a traditional asset? Suppose I buy a token. I sell the token. Then I buy pizza with the token. And then I eat the pizza." - Ahluwalia tweeted. "At a certain level of economic security, a meme coin becomes a culture coin, and at another level of economic security, a culture coin becomes a store of value." - replied Yakovenko. To put it simply, they are saying that while memecoins may not fit the traditional mold of an investment asset, their market dynamics, community support, and evolving utility contribute to a form of legitimacy in the ever-changing world of finance. The Billion Club The recent memecoin rally underscores a fascinating dynamic within the crypto market, where community engagement, social media influence, and speculative interest converge to drive significant market movements. Take a look at the YTD return of the billion-market cap memecoins below: DOGE, the biggest one by market cap, has the lowest YTD, understandably because large market cap normally translates to smaller room for growth. However, even with the most humble figure of 101%, it still easily beats the majority of TradFi assets, including the SP 500 (+5%), the Dow Jones (+3.1%), the NASDAQ Composite (+8.1%), DAX (+5.9%), FTSE 100 (-1.0%), HSI (-4.6%), CSI 300 (+3.5%), and NIKKEI 225 (+19.6%). Two stocks with meteoric rise include Nvidia (+77.7%) and MicroStrategy (+105.9%), both of which have close ties with the cryptocurrency market. So yes, the memecoin sector is the first to flourish this new bull run, leading to a persistence of enthusiasm for these whimsy coins. Here are some good explanations for the popularity of memecoins: ● Market Value and participation: Like traditional assets, the value of memecoins is determined by market forces, including supply and demand dynamics. The participation of buyers and sellers in the market, driven by various factors such as speculation, community support, and media influence, establishes a market value for memecoins, similar to stocks, commodities, or fiat currencies. ● Community and network effect: The legitimacy of an asset can also be derived from its community and the network effect. Memecoins often have strong, active communities that contribute to the network's security, development, and promotion. This community engagement is akin to shareholder involvement in traditional companies or user adoption rates for technological platforms, both of which contribute to the perceived legitimacy and value of the asset. ● Speculative investment: Much like traditional assets, memecoins are vehicles for speculative investment. Investors in both fields aim to buy low and sell high, driven by market trends, news, and community sentiment. The speculative nature does not inherently delegitimise an asset; instead, it highlights the market dynamics and human psychology that play crucial roles in financial markets. ● Digital asset evolution: The financial world is increasingly digital and interconnected, with cryptocurrencies becoming an integral part of the ecosystem. Memecoins, despite their novelty and origins in internet culture, are part of this digital asset evolution. They represent a new form of asset that combines technology, culture, and finance in ways that traditional assets might not, signaling a shift in what society considers valuable or legitimate. ● Utility and innovation: Some memecoins have started to develop utility beyond mere speculation. Through decentralised finance (DeFi) applications, charity work, or as part of larger ecosystems, certain memecoins contribute to the cryptocurrency space's innovation. This emerging utility can enhance their legitimacy, drawing parallels to traditional assets that provide value to their holders or the broader economy. ● Regulatory recognition: As the cryptocurrency market matures, regulatory bodies worldwide are beginning to recognise and regulate digital assets, including memecoins. This regulatory attention, while not always positive, acknowledges their existence and impact on the financial market, lending a form of legitimacy similar to traditional assets that operate under regulatory frameworks. Overall, we know that the memecoin revival is driven by the allure of quick profits, but their long-term potential should never be underestimated. Investors are always recommended to exercise due diligence or, in crypto terms, DYOR, to get an overview of their future market valuations and map out a personalised strategy for profit maximisations. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Crypto Love: BGB Broke Its ATH On Valentine's Day

While the broader markets heavily focus on the 'Bitcoin back to US$50K' narrative, we are excited to see BGB outperform the billion-market cap club with new ATH records - YES it's plural. Bitget's native token breached the US$1 mark within less than 50 days into the new year and only around two years after relaunch. TL;DR: BGB is becoming the new crypto staple Studying The Relationship Between BTC And BGB (Or Seeking An Explanation For BGB's Breakthrough Series) Upon analysing the weekly and monthly performance of BGB, we have come to the conclusion that this token has the ability to withstand market difficulties and leverage any bullish signs to get back in the spotlight. It's time to take a closer look at this phenomenon in an attempt to find the answer. Below is the correlation chart between BTC and BGB. You may ask why Bitcoin and not Ethereum (the mother of all ERC-20 tokens) or any other CEX tokens? At its lowest, Bitcoin dominance was still above 30% or one-third of the entire crypto market; that's not to mention Bitcoin's status as an asset is less often challenged than Ethereum and the gate to Wall Street is finally opened for Bitcoin with the recent spot BTC ETF launch. Source: Bitget Academy, Yahoo Finance The chart only shows the 7D and 90D rolling correlations between BTC and BGB's closing prices since the BGB upgrade (from good ol' BFT) in early 2022 for several reasons: • The issue price of BFT and BGB are different because of the change in plans and benefits for holders; • The BGB-BTC correlations for longer time frames (30D, 60D, and 90D) eventually converge, so we select the 7D and 90D correlation data to showcase the contrast between short-term and mid-term numbers as well as for the sake of visualisation; • Long-term analysis is not available considering the 2022 timestamp. The key point here is: BGB performance in mid-term follows that of BTC, but that's not necessarily the case for its weekly performance. It's important to note that correlation goes up as the examined period gets longer (30D correlation is higher than 7D, 60D is higher than 30D, and 90D is the highest), even though the 30D figure does not show as a clear positive relationship between the two cryptocurrencies as the 60D and 90D charts. The implications of these findings include: (1) It's easy for new BGB investors to rake in some good returns regardless of their entry date as the token is likely to break away from Bitcoin's weekly ups and downs, thus creating numerous decent entry points on a regular basis. At the same time, a bounceback or breakthrough may happen very shortly afterwards, allowing for profit realisation within a short period of time. (2) Holding BGB should be no less rewarding than holding BTC. Need some proofs? Check this BGB price recap: Source: Bitget Academy, Yahoo Finance Despite tough times caused by 2022's black swan events, BGB was still able to make a new all-time high in October, which is almost 2.5 times that year's opening price. 2023 came with the bears hippity hopping around, but BGB made 11 new ATH records that year, with many new ATHs reached overnight. The highest ROI of this token since 2022 stands at 284% when it hit US$0.697451 on December 19, 2023; the yearly return (the year's closing price divided by the year's opening price) of 2023 is 219% compared to BTC's 155% and BNB's modest 27%. Going into the new year 2024, BGB continued to record new all-time highs - it has officially crossed the US$1 mark recently. Do you see that somehow BGB always made its way back into the spotlight on Valentine's Day? Isn't it cool to spread the love for crypto with BGB and witness it turn into a wonderful present, either for yourself or for your beloved, right on the Day of Love? Anyway, the YTD return of BGB leaves Bitcoin and others in the CEX token category way behind, whereas its liquidity is roughly on the same levels as BTC and also outpaces other CEX tokens. Except for HTX, but that doesn't really count due to HTX performance. Source: Bitget Academy, Yahoo Finance Source: Bitget Academy, CoinGecko Logically speaking, higher prices lead to higher demand, and consequently activities in the market (liquidity). We can observe the gradual increase in BGB's average volume as well as in the average volume-to-mcap ratio (a measure of liquidity ) every month. Better liquidity and more activities are signs of a healthier market, where any large order is less likely to affect prices in a significant way. Source: Bitget Academy, CoinGecko On The Sustainability Of BGB Growth: Bitget Is At The Forefront Of Crypto Adoption Bitget celebrated its 5-year anniversary last year with even more devotion to the mainstream adoption of crypto. The core crypto values revolve around the idea of freedom, which should obviously be granted for every single individual. And so Bitget never stops striving for improvement in all aspects to lower the entry barrier for the novice and guarantee the best experience for all crypto users. BGB value is a direct result of Bitget's exponential growth, combined with its well-planned roadmap. Bitget quickly rose to the occasion after the FTX fall, providing a secure platform for spot trading with nearly 700 coins that are constantly monitored and reviewed. Of course, as the leader of crypto copy trading platforms, we also do well in the derivatives category. Clearly, BGB market cap is still not on par with Bitget's competence, hence there's a lot more room for growth. We have talked about the credibility of Bitget before: Crypto’s Epitome Of Credibility: Bitget | Trust Is What Brings People To Bitget . Let's just revisit the topic quickly: Bitget has successfully kept the reserve ratio at much higher levels than the industry's bare minimum of 100%, especially for growing-value assets like Bitcoin and Ethereum. Source: Bitget Academy, CEX's public reserve ratio Don't forget that BGB also contributes to the reliability and performance of Bitget. Source: Bitget Source: Bitget All in all, BGB is designed to maximise success for all parties involved as per our win-win philosophy. There's no reason for you to miss out on this powerful token - the one that has been recognised as the new blue-chip cryptocurrency for its utilities and growth potential. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitget Hot Takes (October 16 - October 22)

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 had another negative week, liquidity unaffected. • SEC staff ‘is doing work’ on 8 - 10 Bitcoin ETF filings; Grayscale filed a new application for a spot Bitcoin ETF. • SEC dropped charges against Ripple. • BTC back to US$30,000. BGB Had Another Negative Week BGB continued to shed another 2.1% of its value over the last seven days, ending the week at US$0.421313 after recovering from the weekly low of US$0.404749 on October 19. The 7D rolling volatility is going down as a result of the prolonged period of red, and we hope to see it rise again - the higher the amplitude, the higher BGB prices will be. It’s good, however, to see BGB volume unaffected by the recent slide: only up by 3%, which signals no sell-off at all. BGB is still considered a good keep and, compared to others with significant 7D volume change, a highly liquid token. Clearly, BGB market cap has a lot of room to grow, hence the current levels of its volume are a better reflection of demand and appreciation than market cap. The jump in volume of the Top 5 biggest cryptocurrencies (excluding stablecoin USDT) pales into insignificance considering their already-big market cap. If you are a sceptic, then maybe learn about the perks that come with the wonderful token named BGB first? After all, BGB has always proved itself to be a good investment. You can check out our BGB Sail Series to see how impressive BGB monthly performance is: 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 UPtober, Finally? In a recent interview with Bloomberg, SEC Chair Gary Gensler has confirmed that: • the SEC didn’t appeal the court ruling regarding the Grayscale case • the staff ‘is doing work’ on ‘multiple’ spot Bitcoin ETF filings In addition, the agency also ‘voluntarily’ dismissed the Ripple case regarding violations of securities law on October 19, 2023. All these headlines are but a huge boost for the whole industry: these court victories might set legal precedents that benefit crypto businesses in the U.S. Of course, they also give us the hopium for the approval of multiple spot Bitcoin ETFs in ‘Murica, thereby wide-opening the gate for institutional investors. As a result, Bitcoin has rallied to US$30,000 and claimed its peak dominance in the 30-month period from May 2021 to October 2023. This surge paved the way for altcoins, with the three biggest gainers in the Top 10 being SOL at 33.4%, BTC at 11.4% and XRP at 7%. These impressive gains mean more activities in the spot markets. The global spot markets enjoy a jump of 34% in 7D volume, in which the volume of this weekend (October 20 - 22) only is equivalent to nearly 70% of the whole week from October 09 - 15’s volume. The increase in BTC volume over the same period (weekend from October 20 - 22 and weekend from October 13 - 15) is 37.2%, whilst it’s 274.5% for SOL and 115.6% for XRP. We better expect more liquidity in spot markets in the coming weeks, and it’s most likely that there’ll be glorious days for crypto ETFs and crypto stocks, too. The Latest Bitget News Last week we have five tokens that experience a double in value overnight: XOR/USDT (+337.8%), TIP/USDT (+307.3%), JOY/USDT (+208.2%), SSX/USDT (+132.4%) and DKA/USDT (+122.9%). This is accompanied by several exclusive events including XOR Savings Boost, Deposit and Trade on Bitget CandyBomb to Share 404,000 JOY, SSX Listing - Grab a Share of 600,000 SSX and DKA Listing - Grab a Share of 350,000 DKA! Bitget Spot Trading’s volume went up by 83.7%, in line with the demand increase for major cryptocurrencies, whereas Bitget Futures Markets’s average crypto OI was down by 7.3%, average Bitcoin OI by 7.2% in the last 7 days, meaning Bitcoin dominance on the futures market is slightly down by 0.1% to land at 54.7%. A possible explanation of the seemingly less active futures markets lies in the liquidation of short positions when Bitcoin suddenly picked up pace, with at least US$216 millions evaporated from the short side between October 19 and October 22. 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! Now, there’s a high chance that we are about to enter a new market cycle, with the sentiment inching towards the Greed mark - do you want to fill your crypto bags with good investments? Look no further. Exclusively designed for Credit/Debit card holders are Bitget’s Zero-Fee Program, which is activated every Wednesday and every weekend. Imagine buying Bitcoin at 0 fee last Wednesday at US$28-something-K and it’s now US$30K; you’d have locked in a 7% profit and owned the biggest cryptocurrency by market cap! Plan your purchase to not miss any opportunity like this! Our perks for crypto lovers also include: • 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 October! • Spin and Raffle to share 200,000 USDT: The promotion starts TODAY - October 23! • Let’s celebrate Halloween together: Bitget’s Halloween mystery will be revealed this Wednesday (October 25) with an incredible BTC prize pool of up to 100,000 USDT in value! 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! Looking at new rounds of Bitget Earn? Subscribe to be the first one hearing from us! New Events Join the Bitget Builders team — share a US$20,000 offline event budget and win "Apple Family "products New users only: Deposit and trade in CandyBomb to earn JOY! New users only: Trade in CandyBomb to earn ETE! $REKT($REKT) will be listed on Bitget. Come and grab a share of US$5000 worth of $REKT! dKargo (DKA) will be listed on Bitget. Come and grab a share of 350,000 DKA! Somesing (SSX) will be listed on Bitget. Come and grab a share of 600,000 SSX! Trade to Win up to 500 USDT: Bitget KCGI Futures Checkpoint Battle! Earn Up to 20 BGB airdrops by completing Bitget's Buy Crypto survey Pop Social (PPT) to be listed on Bitget — grab a share of 150,000 PPT from Launchpool! Spin for a Chance to Win from a $40,000 USDT Halloween Prize Pool: Trick or Treat? Futures quant has been officially launched — participate and grab a share of the 30,000 BGB prize pool! ZTX (ZTX) will be listed on Bitget. Come and grab a share of $15,000 ZTX! Hot tokens Carousel: Spin for BIGTIME, LOOM, SOL More! 100,000 USDT Prize Pool Up for Grabs! NewDegen 2023 On-Chain Trading Competition: Registration Now Open! Good Reads How You Can Start Using Bot Copy Trading Decipher BTC Funding Rate - The Engine of Perpetual Futures Trading Bitcoin Futures Contracts on Bitget Best Cryptocurrency to Buy in 2023 How to Buy USDT with Credit Card on Bitget Simply create an account, and start exploring the incredible Bitget-Verse today!

Bitget x TraderCobb: Crypto Trading Made Friendlier

Have you ever had the experience of being eager to leap into the crypto space, only to be ward off by intimidating jargons, candles, and charts? At Bitget, we have always dedicated ourselves to making crypto trading easy and accessible to everyone with our flagship copy trading product lineup. With our recent partnership with TraderCobb, crypto trading will never be easier and friendlier - now with support from both our communities! Crypto trading, mentored As one of the world’s leading cryptocurrency exchanges, Bitget is on a mission to inspire individuals to embrace crypto and connect with the future. With our social trading products, we have bridged newcomers to the crypto world with the help from some of our most consistent traders, opening up their strategy arsenals for everyone to explore. TraderCobb is also a firm believer in helping community members. Their founder, Craig Cobb, decided to give back to the community that once helped him even when they didn’t need to. Their diversified course selection and carefully assembled mentor team will groom you from a beginner tiptoeing at the gate of crypto to a master trader riding the bull and bear with confidence. Better course, better trading Partnering up with Bitget, TraderCobb has released a free course geared towards anyone wanting to equip themselves with a proven strategy that profits from market changes, up or down. Image Souce: tradercobb Throughout this 10-session course, you’ll start from the very basics about trading and its lingo. Then, you will embark on a self discovery journey to find out what type of trader you truly are and prepare yourself for the exciting tour about all things trading to come. You’ll then learn about the right words, trends, chart patterns, moving averages, and candle sticks - everything you need to know abou t price actions. Don’t feel threatened by these terms, because TraderCobb will be there every step along the way, showing you the ropes exactly how he was shown when he started as a freshman trader. To conclude this meticulously crafted course, the last two sessions will show you how to read charts under different time frames, as well as when and how these time frames may matter to you. Power of the community There’s more, TraderCobb offers their “Crypto Cradle” trading strategy and opens up their trading community to all Bitget users! This strategy is valued at US$499 but you will receive it completely FREE thanks to the partnership between TraderCobb and Bitget. All you need to do is head to our partnership page, fill in your name, email, and Bitget UID, and all these valuable resources will be at your disposal. Not a Bitget user yet? Register now and enjoy these booster packages and the support from both Bitget and TraderCobb communities!