Just In Time For Xmas: BGB New ATH In December
2023 is a spectacular year for BGB lovers, and it's just another proof of Bitget's impressive growth.
Bitget Is The New Crypto Powerhouse
The fall of FTX gave most exchanges a hard time as security and transparency have become the bare minimum. If you take some time to look back at the growing process of Bitget, it's easy to see that we have always been one step ahead of others: the first crypto copy trading platform, the only exchange with no record of security breach, the first one to launch a protection fund, the first one to partner with Space and Time to provide tamperproof and verifiable data audit, one of the first to respond to the FTX event and Turkish earthquake with decent funds, the only one to keep expanding our team amid bear market - you name it.
After five years in operation, we are proud to be able to serve more than 20 million users from over 100 countries and regions with a wide range of products and services beyond crypto trading. Our unwavering determination and efforts to make crypto more accessible lead us right to the leaderboard (see the summary below), and too bad baby, we are here to stay.
BGB Empowers The Entire Bitget Ecosystem
Launching our own native token was a big decision. BGB is meant to be the golden ticket to the vast Bitget-Verse, and that needs to be done properly. So far, users can use BGB for most activities on Bitget from cutting down their trading fees, earning more as a Bitget Copy Trade's elite trader, getting access to exclusive IEOs on Bitget Launchpad, staking BGB to earn BGB on BGB Staking and/or hot tokens on Bitget Launchpool, to simply watching your BGB holdings grow with Bitget Savings. These are just a few examples of what you can do with the little but powerful BGB.
More on BGB uses can be found in the BGB White Paper here: BGB White Paper
Breaking Its Own Record For The 7th Time Within A Year
So now you are saying you are lazy and don't want to sweat to make more money, we got it. But we want to point out what a sound investment BGB could be, even if your bag stays idle.
With a standard 2% inflation, which is clearly the very optimistic case for many economies at the moment, your fiat holdings are set to depreciate in value. Meanwhile, BGB has achieved new all-time high times after times in 2023 only, with the latest one being US$0.695649 on December 19 - from a mere US$0.181712 opening price on January 01. That is equivalent to a 282.8% increase in value in less than 365 days; now go back and compare it to the -2% fiat value increase.
BGB is also a decent one among exchange tokens. Take a look at the summary below:
Note that we are only talking about the Top 5 exchange tokens by market cap - and that in itself is another BGB achievement. Crossing the US$500 million mark for market cap and making it to the Top 67 on CoinMarketCap /Top 74 on CoinGecko demonstrate a giant leap in BGB popularity as well as demand. In terms of performance, BGB has been leading the no-red pack unshakably with a wide gap.
We talked about demand, and there are two metrics that show how well-received BGB is, including volume and the volume-to-market cap ratio. BGB volume in 2023 is clearly higher than in 2022, with an increase from US$7,102,471 to US$14,400,923 (+102.8%) in yearly average.
Intuitively, we know that volume rises whenever there's a big price movement, regardless of the course, meaning volume does jump when prices see a drop, too. But here's the thing: high volume also says that there are enough people willing to buy, i.e. fill the sell orders, no matter what. Then again that's a sign of an expanding, healthy market with improved liquidity.
The 30-day average volume-to-market cap ratio of BGB surpasses that of BNB in 2023 and on par with its 2022 figure even when BGB was still hanging around US$0.20. Go google the term and all will say that a high volume-to-market cap ratio suggests a high level of activities around the token and prices moving towards 'stable'. Of course, sustainably achieving new ATH doesn't count for stability, but can we appreciate the upward momentum and expect a better 'stabilised' price for BGB? There's hope for another BGB miracle before New Year, yet we can already celebrate a nice Christmas with near-US$0.70 BGB prices. Who says bull market isn't here yet? A new cycle has sure begun in February 2023 for BGB.
Check out the weekly and monthly recap of BGB price performance here: Bitget Hot Takes/BGB Sail and the summary of BGB's all-time high in November .
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.
