Outside Source
Bitget’s native token, BGB, reached a new all-time high yesterday despite the wider market liquidation.
Bitget Token reached $1.38 yesterday, nearly 250% higher than last year’s price. BGB is the second-largest gainer in the crypto market this week, following CORE. The token’s price jump comes after the wider market saw a brief liquidation, as Bitcoin and Ethereum dipped below 5% in a week.
According to data from CoinGecko, this latest surge made BGB the second-largest centralized exchange token in daily trading volume, trailing just behind Binance’s BNB.
Following the token’s continuous growth over the past months, crypto.news reached out to Ryan Lee, the Chief Analyst at Bitget Research, for exclusive insights into BGB’s performance metrics.
Lee mentioned that the exchange’s spot trading market has been thriving while its derivatives market has also been steadily developing.
“Our business data has grown rapidly following Bitcoin’s all-time high and the approval of Bitcoin ETFs. The derivatives business shows higher profitability in volatile market conditions. Considering the recent increase in spot and derivative trading volume and the growth of Bitget’s profits, there is still considerable room for the BGB’s price to rise.”
– Ryan Lee, Chief Analyst at Bitget Research
Lee also mentioned how the token’s utility and use case has expanded over the past few months with the addition of three consecutive Launchpools on Bitget. He drew on the Ethena (ENA) Launchpool example, stating that the daily yield of staking BGB has reached 0.8%.
Therefore, the APY during participation in the ENA Launchpool is 292%. BGB recorded its new all-time high during the staking period, providing users with double benefits.
Furthermore, Bitget has just announced the upcoming launch of PoolX, which, according to Lee, can be seen as a high-frequency and small-scale Launchpool.
“PoolX can enable Bitget to achieve high annualized returns most of the time. In this bullish market, BGB can potentially become a money tree that yields a lot of other potential tokens just by staking.”
– Ryan Lee, Chief Analyst at Bitget Research
This article first appeared at crypto.news
