Backpack BP

BP has moved +42.36% in the last day, +85.26% over the week, and +85.26% over the past month. The all-time high of $0.4794 was set today, leaving BP at 100% of that peak. The asset is at or above its prior record, an unusual show of strength. With both the weekly and monthly trends positive, momentum is aligned to the upside.

Volatility & risk

Realised volatility for BP is currently very high, with a 7-day annualised reading near 231%. That places it among the most volatile names in the top 100 (more volatile than 96% of peers), so position sizing matters. Traders should expect double-digit percentage swings within a single week to be normal rather than exceptional.

Liquidity & trading depth

Over the last 24 hours roughly $7.14M changed hands, equal to about 6% of the circulating market value turning over in a day. That is thin turnover relative to market cap, so larger trades can move the price meaningfully and spreads may widen in stress. Liquidity health scores 15/100 on our composite, which blends 24-hour volume against market capitalisation.

Correlation with Bitcoin & markets

Over the past week, BP's hourly returns show a correlation of 0.08 with Bitcoin. That is a loose link — BP has moved with relative independence from Bitcoin, which can add diversification to a crypto basket. Correlation regimes shift, so this figure is a snapshot rather than a constant.

On-chain value & TVL

The DeFi ecosystem built on or powered by Backpack currently secures roughly $361M in total value locked (TVL) — the dollar value of assets deposited in its protocols. Against a market capitalisation of $119.92M, that gives a market-cap-to-TVL ratio of 0.33. A ratio below 1 means BP's market value is smaller than the capital its ecosystem secures — a configuration value investors often read as relatively cheap, though it can also signal a token whose price has lagged its on-chain usage. TVL is a useful gauge of real economic usage, but it rises and falls with token prices, so read it alongside the trend in deposits rather than the dollar figure alone.

Our outlook blends three independent lenses. The technical model reads momentum as bullish and frames a near-term band of $0.4508 to $0.5563. The statistical model, driven by realised volatility, centres near $0.6022 with a one-horizon spread of $0.0480 to $1.70. The relative model, anchored to how comparable top-100 assets have performed (median +4.60% over the past week), points to $0.4522 to $0.5385. Blending the three yields the horizon-by-horizon ensemble in the table below. Model confidence is Medium, reflecting data completeness and liquidity. These are probabilistic scenarios generated from market data — not guarantees, and not financial advice.

Backpack has a circulating supply of 250,000,000 BP. Supply is hard-capped at 1,000,000,000 tokens, meaning 25% already exists and only 750,000,000 remain to be issued. A meaningful share is still to be released, so emission schedules are worth tracking for dilution. Fully diluted valuation and circulating market cap can diverge sharply when a large share of tokens is still locked, so both are worth comparing before drawing conclusions about value.

Backpack (BP) is the 237th-ranked cryptocurrency tracked on TBN Express, with live pricing, derived risk metrics and a multi-model outlook refreshed throughout the day. The profile below combines project information with our own quantitative read of how BP is trading right now.