BGB price movement: What caused its impressive 9.5% rise?
|BGB token has demonstrated a significant rise of 9.5% in the last 24 hours. This price surge has led the asset to break into the top 100 cryptocurrencies in the market by capitalization.
BGB's bullish rating is attributed to its consistent positive performance over the past five days. The asset has gone on a 20% rise in value, with an average daily growth rate of 9.4%. And, with a current market capitalization of $673.26 million, BGB has also solidified its place as one of the top-performing cryptocurrencies this year.. According to the TokenInsight report, in 2023 Q1, BGB is the only exchange token that outperformed both Bitcoin and Ethereum with a 120% gain.
The recent figures come as a result of several fundamental developments - including and especially the recent listing of the BGB token on Bitfinex — one of the leading centralized exchanges in the market. BGB was listed on Bitfinex on April 17, with the exchange’s users now being able to access the asset using the USD and USDT trading pairs. With Bitfinex’s status in the market as one of the leading exchanges, access to BGB for its users appears to have led to an influx of trades that spurred the asset’s price.
The Bitfinex listing also coincided with the release of the updated Bitget whitepaper, which outlined a number of changes in the exchange’s roadmap and internal economics model. Among the announced innovations that spurred demand for the BGB token are increased rewards for holders and token-burning mechanisms. Bitget’s developers remain committed to continued growth, coasting off the wave of positive sentiment that they have received in the market.
Bitget is looking to make access to the crypto space easier and more profitable. And, as investors continue to search for reliable and safe platforms to trade - especially in the wake of last year’s market downturn - it is the hope of this exchange’s developers that it would be able to deliver on its promises.
The listing on Bitfinex was an added incentive for users to hold the BGB token, thus reducing associated investment risks and expanding opportunities for trading the asset. Additional functions within the Bitget ecosystem that endow the BGB with utility were also among the growth-stimulating factors.
Bitget Managing Director Gracy Chen stated that the listing will “further expand the reach of our platform”, making the exchange accessible to a greater number of users, and increasing liquidity flows. Considering the multiple announcements Bitget has made regarding the expansion of its ecosystem with new modules, users will be inclined to hold the BGB token for accessing the new features that are being positioned as gateways to Web3 applications.
Besides these developments, another growth factor for BGB has been the recent announcement of the new Super Airdrop feature that makes BGB holders eligible for airdrops of newly-listed tokens on the Bitget exchange. The feature, which was launched on May 8, 2023, is expected to encourage users to deposit their BGB holdings well in advance to gain access to airdrops of tokens listed after the stated date as per the conditions of the feature.
Users willing to be eligible for the Super Airdrop campaign needed to hold at least 4,000 BGB on their accounts for 15 consecutive days before the registration date. Registered users’ allocations based on average holdings will be used as criteria for determining the winner during the 15-day period. The Super Airdrop is one of the many popularization campaigns undertaken by Bitget in recent months as part of its new ‘Go Beyond Derivatives’ strategy, which aims to advance the exchange’s standing in the blockchain industry and attract new users from a wide range of audiences.
The price traction displayed by the BGB token is a reflection of the exchange’s overall performance in recent months and the successes it has made in gaining the attention of both crypto users and investors alike. With new partnerships and innovative features announced in the near future, the exchange is expecting to further solidify its position on the market and maintain capitalization
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