BGB Achieving New ATH In November
An updated summary of BGB’s wonderful journey
Amid bear market or going along with the recent rally, BGB has continuously made new all-time highs this year. Less than 50 days before 2023 ends and BGB has, once again, come into the spotlight as the only exchange token to rise to new levels in November 2023.
This new achievement drives BGB market cap to US$800,000,000 for the first time, showing a 19% increase overnight. Yes, you heard it right: BGB market cap went from US$679,384,929 on November 13 (0:00 UTC) to US$809,681,867 on November 14 (0:00 UTC). Literally 24 hours.
You can see for yourself that BGB market cap at the end of Q1 and Q3 2023 already more than doubled that at the beginning of the year, nearly tripled at the end of Q2, and may very well end 2023 with a 200%+ growth. It means when we zoom out and look at any 3-month time frame, it’s proof that BGB is among the few to enjoy an extremely successful year.
Investors and crypto enthusiasts alike have been eyeing BGB movements for quite some time, though. BGB went into a tight range in September but has been experiencing a comeback since mid October, together with a resumed accumulation trend. The volume-to-market cap ratio shows that BGB consistently beats Bitcoin, the largest cryptocurrency by market cap, and BNB, the largest exchange token by market cap, in terms of liquidity.
It even made it to the list of Top trending coins on CoinGecko on October 23, which is a clear-cut sign of increased interest in Bitget’s native token. And big news, too: BGB now ranks in the Top 69 largest crypto currencies by market cap on CoinGecko and Top 64 on CoinMarketCap.
If we see volume as an indicator of token demand, then January was the last time we saw BGB volume below US$100 million per month. It’s been on a US$300+ million ride since BGB achieved a new all-time high on February 09 at US$0.294129, February 12 at US$0.368132 and February 19 at US$0.469287. Breaking its own record three times in less than two weeks definitely solidifies this win for BGB. With great excitement, we did a little projection to see how much BGB volume could grow in November, and landed at a number almost one-and-a-half times October’s.
Let’s get back to the questions of what, why, and how. BGB is the native token of Bitget, the leading crypto exchange that ranks #1 in the Copy Trading category with our flagship Bitget Copy Trade products for both spot and futures traders. We are currently serving 20 million users from more than 100 countries and regions, whose average daily trading volume stands at US$10 billion.
BGB was originally introduced under the name of BFT in 2021 at the price of US$0.0585, and underwent a 2:1 upgrade in early 2022. It took the new BGB exactly nine months from January 21 - October 21, 2022 to celebrate its first big win with the new all-time high of US$0.222360 when the whole market was suffering from the aftermath of Terra (LUNA) and FTX crash.
21 seems to be BGB’s lucky day because it did not only return to the US$0.20 levels on January 21 but also reached US$0.488813 on May 21, 2023. After pushing through the US$0.50 mark in June, BGB had been testing the US$0.45 support level for a few months before making its comeback at US$0.583651 two days ago (November 13, 2023).
Check out the BGB investment schemes below. If you had purchased BGB at new year, then you would 99% be in for profits. All the profit scenarios are calculated using the opening price of days when BGB prices recovered/hit a new all-time high; should your sell order(s) have been successfully executed at any of those days’ high, the profit will actually be higher.
Our hope for a US$75 million-volume November for BGB lies in our confident expectation of the growth of Bitget as an all-in-one platform. Our products and services range from trading products to investment products, staking services, farming services, launchpad, and other DeFi and unique services. In terms of trading activities, Bitget Spot Trading demonstrates a substantial increase in 30D volume, with the average daily volume breaching US$100 million since February. Our total spot volume reached US$900 million in October and surpassed US$1 billion on November 10, 2023. That’s a result of our dedication to expand our token selection as well as providing deep market liquidity.
When it comes to futures markets, we are witnessing a shift in the traders’ interest from a dominance of BTC perps to an average of 0.49 in the first 10 days of November. Two things to take from here: (1) this behaviour will improve liquidity in markets other than BTC and (2) it serves as a recognition of Bitget’s constant effort to add more contracts.
Clearly, the current growth in BGB prices, and consequently the token’s market cap, is not in proportion with Bitget’s expansion. Please keep in mind that BGB is the golden ticket to the vast Bitget ecosystem including Bitget Launchpad (hold BGB to get exclusive access to highly anticipated IEOs), Bitget Launchpool (stake BGB to earn new, promising project tokens for free), Bitget CandyBomb (hold BGB to unlock exclusive airdrops), BGB Staking (stake BGB to get extra zero-fee withdrawals), Bitget VIP Program, Bitget GroupCoin (hold BGB to get the chance to purchase staple cryptocurrencies at special prices), Vote-To-List (hold BGB to decide whether the project will be listed on the exchange and get rewards for your participation), direct fee discount (20% off from spot fees), futures trading rewards, free withdrawals (for the first withdrawal of the day) and profit sharing (for registered traders on Bitget Copy Trade to receive commissions of up to 10% of their followers' profits).
We update the market cap-to-exchange transaction ratio, which measures the growth potential of exchange tokens, on a regular basis and BGB is still at the lowest level since last time (July 01, 2023). The higher the ratio, the less likely it is to breach from current levels, and BGB, whose issuer stands third in volume as of July 14, is way behind BNB, OKB and KCS in terms of prices. It sure has a lot of room to grow, and just like the other week where ‘last week’s high is this week’s low’, we know that it is a crypto staple, a sound long-term investment for anyone, newbie or veteran.
To get a weekly recap of BGB’s performance, check out our Bitget Hot Takes series here and for a monthly analysis, BGB Sail. Want to begin with BGB right away? We have 0-Fee Crypto Purchase Program activated every Wednesday and every weekend exclusively for Credit/Debit card holders, and offer up to 5X leverage for BGB spot trades! Simply create your Bitget account and enjoy the crypto world with us!
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