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Bitget Wallet Doubles User Base, Surges to 30 Million in 2024

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Bitget Wallet has achieved a remarkable milestone, doubling its user base to 30 million within less than a year.

In July 2024, Bitget Wallet set a new record for global app downloads, surpassing even Metamask’s growth for that month. With over 1.7 million downloads, Bitget Wallet’s growth was 140% from the previous month.

Meme Coins, TON Ecosystem, and BWB Token: Key Drivers for Bitget Wallet’s Growth

This surge is largely fueled by the platform’s advanced on-chain trading capabilities, particularly for the meme coins. In 2024, Bitget Wallet became one of the top wallets in the meme coin ecosystem. It offers features such as smart money tracking on the Solana and Base chains, automatic slippage, zero gas fees, and an instant trade mode.

TON ecosystem has also gained traction. It has become the most transacted network on Bitget Wallet, surpassing established public chains such as Polygon, Arbitrum, and BNB Chain.

Read more: A Comprehensive Guide to Bitget Wallet (BitKeep)

Bitget Wallet's User Growth.
Bitget Wallet’s User Growth. Source: Courtesy of Bitget Wallet

The recently launched BWB token has also significantly contributed to growth by serving various roles within the Bitget Wallet ecosystem. BWB is now central to community governance, staking, and gas fee payments across multiple chains. Moreover, its introduction has increased user engagement and broadened the platform’s reach, particularly in key markets such as Japan and Nigeria.

The wallet saw the most significant growth rates in Europe, North America, and Oceania, with notable user growth in Russia, Italy, Sweden, and Australia. These countries experienced growth rates exceeding 40 times compared to the previous year. In France, the UK, Turkey, and Canada, user numbers have also surged by over 1,000%.

Alvin Kan, COO of Bitget Wallet, highlighted that this global expansion showcases the platform’s ability to adapt to diverse markets and meet users’ growing demands worldwide. He stressed the company’s commitment to expanding its market presence and propelling the whole industry forward.

Bitget Wallet’s growth aligns with a broader trend in the decentralized finance (DeFi) ecosystem. According to DappRadar, Web3 application users reached a record high in Q2 2024, with daily unique active wallets (dUAW) hitting 10 million.

Unique Active Wallet in Q2 2024.
Unique Active Wallet in Q2 2024. Source: DappRadar

This figure represents a 40% increase from Q1 and marks the highest number of active wallets to date. This surge in wallet usage across the DeFi space reflects a growing interest in decentralized applications (dApps) and the increasing adoption of Web3 technologies.

Making Web3 User-Friendly to Tackle Complexity

Despite the significant growth, Kan acknowledged that one of the main challenges in the Web3 space is the complexity of user experience (UX) and user interfaces (UI). Web3 users are often required to navigate through multiple steps, sometimes involving complex blockchain jargon and processes. 

Kan believes such a complexity can be daunting. This is especially true for new users who are more accustomed to the seamless, intuitive interfaces of Web2 applications.

“We need to make sure that UI/UX is done like Web2. Web2 has really done it very well. And that shouldn’t be an excuse for why we can’t do it in Web3. I think this has to do with certain things, like better talent coming from Web2 to Web3 to increase the products’ UIs,” Kan explained to BeInCrypto in an interview.

Read more: 16 Best Web3 Wallets In 2024

Hence, to overcome this challenge, Bitget Wallet has introduced several features to enhance user experience. One such innovation is integrating a Multi-Party Computation (MPC) wallet, which simplifies the wallet creation and management process.

Traditional wallets require users to manage multiple private keys. Conversely, the MPC wallet simplifies this process, offering a more straightforward and secure experience.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why Ethereum Price May Fall Under $3,000

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Ethereum (ETH) is currently facing significant downward pressure, with its price declining by 3% over the past 24 hours. This bearish trend could push ETH’s price below the critical $3,000 price level.

This analysis examines the factors contributing to this likelihood.

Ethereum Sellers Re-Emerge

An assessment of the ETH/USD one-day chart has revealed that the coin’s moving average convergence divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is attempting to fall below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. A MACD death cross occurs when the MACD line (the shorter-term moving average) crosses below the signal line (the longer-term moving average), indicating a bearish trend or momentum reversal. This signal suggests that selling pressure is increasing, and the asset’s price could decline further.

ETH MACD
ETH MACD. Source: TradingView

ETH’s rising Aroon Down Line confirms this strengthening bearish pressure. It currently sits at 78.57%, confirming that the decline in ETH’s price is gaining momentum.

The Aroon Indicator evaluates the strength of an asset’s price trend through two components: the Aroon Up line, which reflects the strength of an uptrend, and the Aroon Down line, which reflects the strength of a downtrend. A rising Aroon Down line indicates that recent lows are occurring more frequently, signaling growing bearish momentum or the start of a downtrend.

ETH Aroon Down Line
ETH Aroon Down Line. Source: TradingView

ETH Price Prediction: Key Support Level To Watch

ETH currently trades at $3,333, resting above the support formed at $3,203. This level is crucial because a decline below it will cause ETH to exchange hands under $3000. According to readings from the coin’s Fibonacci Retracement tool, the Ethereum price will drop to $2,970 if this happens.

ETH Price Analysis
ETH Price Analysis. Source: TradingView

However, a resurgence in the demand for the leading altcoin will invalidate this bearish thesis. If this occurs, Ethereum will rally toward $3,500.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition

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Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.

According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.

Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie

The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.

Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.

Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.

Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.

As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.

Tether USDT Supply
Tether’s USDT Supply. Source: Tether

The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.

This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Can the SAND Token Price Rally Be Sustained?

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SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading assets like Bitcoin and Ethereum, which each gained just 1% during the same period. SAND’s trading volume has also skyrocketed, surpassing $1.91 billion — a climb of over 500% in 24 hours.

On-chain data has shown a significant increase in daily SAND transactions and a decrease in selling pressure. These factors suggest the potential for a sustained rally. 

The Sandbox Holders Adopt a Bullish Approach

According to CryptoQuant’s data, the daily count of SAND transactions has rocketed over the past few days. For context, on November 23, 2,940 transactions involving SAND were completed, representing the highest count over the past seven days. 

This is a bullish signal for the metaverse-based token because a surge in an asset’s transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND’s price, potentially driving it further upward.

SAND Transaction Count
SAND Transaction Count. Source: CryptoQuant

Additionally, a notable increase in exchange withdrawals for SAND has been observed. Per CryptoQuant’s data, the token’s exchange withdrawal transactions currently total 877, its single-day highest since June 2023. 

The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.

SAND Exchange Withdrawing Transactions
SAND Exchange Withdrawing Transactions. Source: CryptoQuant

SAND Price Prediction: Rally Above $0.66?

On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it.

SAND Price Analysis
SAND Price Analysis. Source: TradingView

Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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