The underlying asset of cryptocurrency exchange Bitget (BGB) is approaching a market capitalization of nearly $8 billion after the token sparked an astonishing 844% rally in 2024.
Current data shows that BGB is trading at $5.64 at the time of this writing, up 15% in the last 24 hours.
BGB was launched in 2021 and is designed to foster community participation and streamline trading activities within the Bitget ecosystem.
According to a recent report from Bitget, the exchange’s popularity has surged due to the rise of Gen Z cryptocurrency buyers, who began gorging on digital assets following former President Donald Trump’s victory in the 2024 US presidential election.
Data shows that Bitget saw a massive 683% increase in Gen Z users in November, with the percentage of new users on the platform increasing from 26.2% in October to 53.8% at the end of November.
“Trump’s pro-cryptocurrency rhetoric during the campaign, including promises to set a national Bitcoin reserve and encourage domestic Bitcoin mining, resonated with young voters. Known for their tech savvy and interest in financial autonomy, this demographic has flocked to platforms like Bitget.
A total of 844,000 new users under the age of 25 joined Bitget in November, compared to 110,000 in October.
“This shift highlights the impact of political narratives on financial behavior, with market enthusiasm fueled by fear of missing out (FOMO) and expectations of favorable cryptocurrency policies from the new administration.”
According to research by Bitget, Gen Z users currently account for approximately 21% of all cryptocurrency investors.
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