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Home»BLOCKCHAIN NEWS»The Bitget token is up 30% week over week, hitting an all-time high.
BLOCKCHAIN NEWS

The Bitget token is up 30% week over week, hitting an all-time high.

By Crypto FlexsApril 4, 20242 Mins Read
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The Bitget token is up 30% week over week, hitting an all-time high.
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Bitget’s native token, BGB, hit a new all-time high yesterday despite widespread market clearing.

Bitget Token reached $1.38 yesterday, which is almost 250% higher than last year’s price. BGB was the second-biggest gainer in the cryptocurrency market this week, behind CORE. The token’s price rise comes after the broader market was briefly liquidated, with Bitcoin and Ethereum falling less than 5% in a week.

According to data from CoinGecko, this surge makes BGB the second-largest centralized exchange token by daily trading volume, behind Binance’s BNB.

After the token’s continued growth over the past few months, crypto.news reached out to Ryan Lee, senior analyst at Bitget Research, to get exclusive insight into BGB’s performance metrics.

Representative Lee mentioned that while the exchange spot trading market is booming, the derivatives market is also steadily developing.

“Our business data has grown rapidly since Bitcoin hit an all-time high and the Bitcoin ETF was approved. Derivatives business shows higher profitability in volatile market conditions. “Considering the recent increase in spot and derivatives trading volume and BitGet’s profit growth, the BGB price still has considerable room to rise,” he said.

– Ryan Lee, Senior Analyst, Bitget Research

Lee also noted how the token’s utility and use cases have expanded over the past few months with the addition of three consecutive Launchpools to Bitget. He gave the example of the Ethena (ENA) Launchpool and said that the daily return on BGB staking reached 0.8%.

Therefore, the APY while participating in the ENA Launchpool is 292%. BGB reached an all-time high during the staking period, providing double benefits to users.

Additionally, Bitget announced its upcoming PoolX, which according to Lee can be seen as a high-frequency and small-scale launch pool.

“PoolX enables Bitget to achieve high annual returns in most cases. In this bull market, BGB could become a money tree that produces many potential tokens through staking alone.”

– Ryan Lee, Senior Analyst, Bitget Research

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