Bitway Surges to New High Amid Incentive Campaign and Thin Liquidity

Bitway (BTW) has reached an all-time high of $1.43, marking a 27% gain in just one week.

The token's price surged to $1.43 on Monday and currently trades at $1.32, roughly 7.5% below its peak.

While the broader market remained stagnant, with Bitcoin and Ethereum experiencing slight losses over the same period, Bitway's sharp move raises questions about its underlying drivers.

The immediate catalyst for the price jump is an incentive campaign that has been running through Binance Wallet since August 19, which closes at the end of this week.

Another factor contributing to Bitway's attention is its past performance: in a study by data provider Bitquery, 51 larger airdrops on EVM networks were reviewed, and only three tokens later traded above their first-week price, including BTW.

However, the study's findings say nothing about the token's future value or direction.

Circulating supply is another critical aspect of Bitway, with approximately 27% (2.71 billion) of its total 10 billion tokens in circulation.

This means that any tokens entering circulation in the future will meet a market that has to absorb the additional supply, making the schedule of unlocks a crucial piece of information for holders and potential buyers.

The trading volume and liquidity of Bitway also raise concerns: with around $50 million in daily turnover against its market capitalization of $3.6 billion, larger sell orders may meet a thin order book, leading to price volatility.