Bitget token (BGB) has been the best performer among centralized exchange tokens over the past two years. The growing dominance of exchange Bitget in the market and an increase in use cases as well as attractive tokenomics made it surge by 1,562% since its launch in 2021. Over the past year, BGB’s growth reached 184%
The Bitget Token (BGB) powers the exchange’s ecosystem. It can be used to pay transaction fees, access crypto staking and investing, participate in active trading, and get access to the Bitget Launchpad, where users can find upcoming crypto projects to invest in.
BGB has been attracting investors looking for an altcoin with significant potential. But what are the chances that its impressive run will move the Bitget Token to $5 in 2024? Let’s review.
What is the Bitget Token (BGB)?
BGB is the utility token of the Bitget Exchange. The token was updated into the Bitget ecosystem in 2021 and operates on the Ethereum network. Being an ERC-20 token, BGB offers various possibilities, including staking, access to social or copy trading, profit sharing, and discounted trading fees.
Beyond the typical use cases, the BGB token allows users to access the Bitget Launchpool and Launchpad, which lets traders and investors find the hottest coins in their early stages.
BGB Price History
Before analyzing the Bitget Token’s market potential and future price predictions, it’s crucial to understand its market performance.
The BGB token joined the Bitget family in 2021. Since the token began trading, it has been on the rise. For context, the Bitget Token price is around $1.3, up by over 4% in the last 7 days, reaching its ATH of $1.43 on June 2. Interestingly, upward price movement happens when top cryptocurrencies like Bitcoin and Ethereum move sideways.
Looking beyond the present, BGB’s year-to-date growth is also impressive. The token’s value has increased by over 185% between May 2023 and May 2024. The token has also recorded significant gains compared to its launch price. For context, the coin’s value has increased by over 1,800% between July 2021 and May 2024.
Bitget Token All-Time Price Chart. Source: CoinMarketCap
The increased interest among investors is also evident in the token’s market cap growth, which is over $1.87 billion at press time. Moreover, technical indicators of the BGB/USD pair, including the oscillators and moving averages (MA), show a “Strong Buy” sentiment within the past week.
These data suggest a continuous increase in the demand for BGB. Therefore, it’s safe to say its price is well positioned for more upward price movement in the short and long term.
Bitget Token Price Prediction 2024
With its current market sentiment, especially after the altcoin season index reached 76 in March 2024, many altcoins will likely experience significant price growth in 2024. On a personal note, market analysts believe that the Bitget Token will continue to increase as 2024 approaches and end the year at around $5.
The optimism is fueled by the coin’s strong performance in the first few months of the year, particularly its strong support level of $0.99 price and the token has not gone lower than since March 2024.
The fact that bulls currently control the market and BGB keeps trying to hit new highs also corroborates the optimistic price prediction. However, it’s crucial to note that the coin could face resistance as the bulls strive for higher values.
Factors Influencing the Price of BGB
Whether the BGB price will reach $5 in 2024 or the subsequent years primarily depends on the coin’s demand and supply. However, other significant factors that can impact the coin’s potential and future value include:
The Bitget PoolX Launch
The Bitget Exchange recently launched PoolX, its crypto staking platform where users can lock up their assets in flexible staking contracts for hourly rewards. The PoolX platform stands out by offering users the opportunity to earn popular tokens like USDT when they stake any of the platform’s supported assets. Moreover, they get their rewards instantly and can withdraw their staked assets whenever they like.
One of the popular assets to mine and earn on PoolX is the BGB token. Users can also stake the coin for rewards, increasing its demand as more investors use the PoolX stake-to-mine platform.
Increased Trading Volumes
As the number of BGB token users and holders increases, more people will buy and sell the coin, potentially increasing its trading volume. With time and a decent volume, more investors will identify its potential price momentum and opt for it as a viable investment option.
Improved Market Share
When the number of issued BGB tokens increases, it’ll become more popular, causing an increase in its market cap. Subsequently, a high market cap will influence investor sentiment because they’ll perceive it as a decent long-term investment.
Despite its positive outlook, it’s crucial to note that the BGB price prediction doesn’t reflect its real value. So, you should research properly and implement risk-management tools in your strategy.