Bitget (BGB) Soars 83% As Top 100 Cryptos Hemorrhage – Here’s Why
A number of crypto and trading platforms, despite the fact that 2022 was unquestionably a bear market, did an excellent job of demonstrating that the performance of exchange tokens is tightly related to the capability of the platforms they embody.
Although most cryptocurrencies had a bad year, one lesser-known cryptocurrency, Bitget (BGB), emerged unscathed from the chaos caused by the recent failure of several large cryptocurrency exchanges.
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As Bitcoin options market whales go for for bullish tactics and market volatility persists in general, the demand for crypto derivatives as a means of mitigating risk and generating stable returns is at an all-time high.
According to a survey by the Boston Consulting Group, Bitget placed among the top three cryptocurrency exchanges in terms of trading volume for derivatives in 2022, with a total trading volume increase of more than 300%.
Bitget (BGB) Dominates Top 100 Coins
At the time of writing, BGB is trading at $0.4042, tallying an impressive 83.2% increase in the last seven days, as the leading 100 cryptocurrencies listed on Coingecko have mostly shed double-digit figures and been painted in red in the same timeframe.
Bitget is the world’s largest crypto copy trading platform. Its utility token BGB occupies the No. 83 position on Coingecko, while on CoinMarketCap, the token is down far at the No. 211 spot. CoinMarketCap has BGB rallying a little over 78% in the last week.
The volume of crypto futures has been expanding faster than the spot market since the second half of last year. Based on figures by CryptoCompare, derivatives trading volume increased by 76% month-over-month to $2.04 trillion in January 2023, the biggest percentage growth since 2021, and currently accounting for 70% of the whole cryptocurrency market.
BGB All In Green
BGB was the only exchange token that remained green in the first two months of 2023. The cryptocurrency had a record-breaking 136% year-over-year increase, with values increasing in March and October 2022 before touching its all-time high of $0.39 on February 12 this year.
Based on data by Coingecko, BNB has posted a consistent increase in numbers starting from the one-day to the one-year timeframe. In the last 30 days, BNB has been up 100%, with the figure climbing higher by more than double to 260% in the yearly timetable.
BGB has numerous applications within the Bitget cryptocurrency exchange. BGB can also be used as proof of rights and interests for users of varying levels, as well as a social token for interactions between fans and copy merchants.
Crypto total market cap at $982 billion on the daily chart | Chart: TradingView.com
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Major Crypto Partnerships
Meanwhile, Bitget announced on Monday that it will list the BLUR token in its NFT spot market zone. BLUR, the Blur network’s governance token, was set to have its debut listing on Bitget’s platform on Valentine’s Day.
Bitget also announced on February 13 its agreement with the fintech business Capitual to join in the digital currency project of Brazil’s central bank.
Capitual is one of the central bank of Brazil’s most important partners, assisting the institution in developing CBDCs.
-Featured image from BeInCrypto