Exchange Token BGB Soars to New Heights with 3,000% Increase Since Launch

Exchange Token BGB Soars to New Heights with 3,000% Increase Since Launch

Learn why Bitget’s BGB may still have plenty of room for growth in the crypto market, even after experiencing a 3,198% increase since launch, and why it could outperform other assets like BTC and ETH in the coming year.

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It pays to be early in cryptocurrency. On the other hand, if you can’t be early, you can still make money from being late provided you’re not the last one in the door.

No one desires to exit liquidity for crypto tokens that have pumped massively, making their early adopters wealthy while leaving laggards to fight over single percentage-point gains.

Just like exchange crypto tokens such as BNB and KCS, Bitget’s BGB has pulled four-figure profits for those with the luck or wisdom to buy early and ‘hodl’ hard.

The investment has increased by over 3,198 percent since its launch, reports by CoinGecko. On the other hand, what’s interesting about BGB isn’t so much the journey it’s completed but the one which lies ahead.

A closer look at its chart suggests there is plenty more still in the tank.

The tendency is your friend

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It’s easy to glance at a chart and infer project strength from the rocket ride of its crypto token. Nonetheless, monumental profits or losses must be viewed against the context of the broader cryptocurrency market at the time.

After all, anyone can make money in a bull market – even garbage will go up. It’s during less confident economic times that true crypto tokens are forged.

And once examined in this context, BGB’s performance for the year to date has been impressive, to put it mildly. It’s been a year of ups and downs and of deep uncertainty, both from a regulatory perspective and an economic one.

With speculation of Silk Road and Mt. Gox Bitcoins flooding the market in the near future, coupled with a sluggish worldwide economy, it’s no surprise that Bitcoin is up just 65% for the year to date.

Over the same period, BNB is up a mere 26%. Remarkably, BGB is up 160 percent over the same period.

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The performance of BGB within a capricious 2023 can be attributed to a number of factors.

Firstly, there is the strength of its parent exchange, Bitget, which has continued to grow its user base and expand its trading products, all of which have filtered down into increased demand for BGB.

The fact that the bulk of the liquidity for BGB can be found on Bitget and Bitfinex two tier-one exchanges has likewise supported stability, with the crypto token becoming a low-volatility staple for traders to seek refuge in during market uncertainty.

This has effectively served to delimit the downside to holding BGB, while retaining all of the upside.

To put it another way, when the market kicks up a notch and confidence floods back, BGB can run with the best of them.

How high before all-time high

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There is another reason why smart money is banking on BGB outperforming like-for-like assets such as native exchange crypto tokens, likewise as cryptocurrency blue chips like Bitcoin and Ethereum (ETH) distance from ATH (all-time high).

As of writing, Bitcoin (BTC) is 60 percent down from its ATH, and Ethereum (ETH), 62%. BGB, in comparison, is a mere 6 % off the record-breaking peak it set just 3 months ago.

As even an entry-level cryptocurrency trader will attest, nine % is a day’s gains.

It’s not unrealistic, this is why, to expect BGB to push higher and make numerous all-time highs as the year progresses, gave the market structure stays intact.

And, where does all of this leave iron-handed BGB holders? Those who purchased early, or failing that, made up for lost time by maximizing their exposure to BGB, face a quandary.

On the one hand, they’re in handsome profit and could walk away at any time with numerous Xs to their name.

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On the other hand, if recent history is anything to go by, traders should fade BGB at their peril.

As memecoin season has reached fever pitch, Ethereum (ETH) network charges have hit high double digits and stubbornly stayed there for weeks.

Against this backdrop of unaffordable DEX (decentralized exchange) trading that’s priced out small-to-medium-sized traders, CEXs (centralized exchanges) have been a veritable oasis of calm.

Exchanges such as Bitget have prospered thanks to their immunity to network fee variance and capacity to operate smoothly through the chaos and calm.

In this milieu, you wouldn’t want to bet against the best CEX crypto tokens outperforming the rest of the market.

And in particular, you wouldn’t want to bet against BGB, the unassuming darling of 2023.

Christopher Owen is a passionate Bitcoin (BTC) fan from California. He developed his own tools to track and predict changes in Bitcoin (BTC) price after the fall of Mt. Gox. He is trading some stocks and digital currencies for experimental objectives and hunts the most interesting cutting-edge technologies’ use cases in investing and finance.

Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia


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