Bitget Token Analysis: BGB Significantly Outperforms Top Five Exchange Tokens

Key takeaways

• Bitget’s exchange token $BGB has significantly outpaced its top-five-ranked closest rivals after surging by a massive 245% over the year.
• The exchange has seen an enormous $3 trillion trading volume in 2023 as it surpasses 20 million users.
• The $BGB token has now set an all-time high price at $0.7 as traders position themselves for the multiple-dollar target in 2024.

Bitget’s BGB Token continues to see stellar growth as it significantly outperforms its top five rival exchange tokens in 2023. The Seychelles-based cryptocurrency exchange token surged by a massive 245% over the year, significantly outpacing second highest second-highest-performing exchange token OKB’s 100% climb.

The price hikes are primarily attributed to the fact that business is booming at Bitget as they have allocated $100 million in funds to expand their exosystem and onboard 20 million users. With the crypto industry facing a bull market in 2024, traders are now positioning themselves in $BGB as they estimate a fruitful year ahead for the exchange.

BitGet Outperforms Top Five Ranked Crypto Exchange Tokens In 2023.

Bitget ($BGB) has outperformed its top-five-ranked closest rivals in growth during 2023 after surging by a whopping 245%. Since launching in 2018, Bitget has established itself as a leading platform in the cryptocurrency exchange and Web3 sector. The platform witnessed a significant growth spurt in 2023, which allowed its exchange token to outperform all of its top-ranked rivals.

Bitget’s closest rival $OKB ended the year with a 100% gain. The centralized exchange even outperformed even the top-ranked decentralized exchange token, Uniswap, which saw a tiny 4% price hike.

The following comparison chart between $BNB, $OKB, and $BGB puts the gigantic performance for Bitget into perspective for 2023.

Stellar Growth Metrics and Sustainable Ecosystem Building Explains Exceptional Growth

The stellar growth metrics for the exchange were one of the primary driving forces behind Bitget’s impressive 2023 performance. Besides the 110% increase in trading volume for $BGB itself, the exchange reached new heights in overall trading volume. According to data from Coinglass, Bitget’s average daily future volume reached $12 billion.

In addition, the overall yearly trading volume for the entire exchange in 2023 reached $3.14 trillion, with year-on-year spot trading volume surging by 94% to reach $81.6 billion, according to the official Bitget transparency report. Furthermore, the exchange itself is seeing increased adoption as its user base reached the incredible 20 million milestone level this year, with 1,500 staff running operations.

The exchange token and the business behind the exchange are intertwined. As the exchange sees more usage, the token typically sees price hikes as more traders utilize its benefits. This is one reason why our model predicts BGB pass the $1 mark in the next 13 months.

Finally, Bitget as a business continued making strategic investments in 2023, such as its $30 million investment in BitKeep. Bitget took this further by establishing two funds, the EmpowerX Fund and Web3 Fund, with $100 million to expand its ecosystem. It was also registered as a Virtual Asset Service Provider (VASP) in Poland and Lithuania. Overall, the exchange business for Bitget is booming, and the success is being seen in its exchange token price.

Bitget Token (BGB) Price Analysis

BGB/USD – LONG TERM

BGB/USD – DAILY CHART – MEDIUM TERM

What has been going on?

The long-term daily chart above puts Bitget’s performance into perspective over the year. The token started 2023 trading below $0.20 but quickly witnessed its first surge in February 2023, allowing the price to rise beyond $0.50. From there, Bitget continued to hold its new price equilibrium throughout the year and went on to set fresh all-time high prices in December.

$BGB surged from a low of $0.5 in December to reach a high of $0.7. Unfortunately, $BGB found resistance at a long-term 1.414 Fib Extension level around $0.665, which prevented the market from closing higher. $BGB retraced from this resistance to find support at the .618 Fib Retracement at $0.566 and has since returned to this resistance in 2024.

Bitget Token($BGB) price short-term prediction: Bullish

After a stellar performance in 2023 and a fresh all-time high in December, $BGB is certainly considered incredibly bullish. The token would now need to fall beneath the support at $0.56 (.618 Fib) to be considered neutral again. It would have to continue further below support at $0.5 to be in danger of turning bearish. For the bullish momentum to continue, the market would need to close a daily candle above the $0.66 resistance.

Where can we go from here?

Looking ahead, the first resistance lies at $0.66, which prevented the market from further growth in 2023. Beyond this, additional resistance lies at the all-time high price of $0.705.

If the buyers continue to drive $BGB beyond the all-time high, the first resistance above is expected at $0.746 – provided by the long-term 1.618 Fib Extension.This is followed by resistance at $0.785 (1.272 Fib Extension), $0.828 (.1414 Fib Extension), $0.89 (1.618 Fib Extension), and $1. Beyond $1, resistance can be expected at $1.10, $1.20, $1.33, and $1.50 – based on Fib Extension analysis.

On the other side, the first level of support lies around $0.60, provided by the 20-Day MA. This is closely followed by support at $0.56 (.618 Fib), $0.50, and $0.45. 

In the unlikely scenario that the bears continue to push prices lower in 2024, the final level of crucial support can be expected at $0.4.

What are the technical indicators showing?

The RSI indicates that the momentum is still with the bulls as it trades above the mid-line in 2024. For continued bullish pressure, we would need to see the RSI start to rise to indicate that the bullish momentum is on the rise.

Wrapping up

Bitget’s $BGB token has not just marked its territory but also set a new benchmark in the crypto exchange sphere with its extraordinary performance in 2023. The staggering 245% growth, outshining its nearest competitors, is a testament to Bitget’s strategic growth, innovative ecosystem expansion, and increasing user adoption. This momentum has set the stage for $BGB to potentially reach new heights in 2024, as indicated by its solid performance and technical analysis. With the crypto industry gearing up for a potential bull market in the coming year, $BGB’s resilience and growth trajectory make it a token to watch closely. The strategic investments and ecosystem development undertaken by Bitget further solidify the optimistic outlook for $BGB, as traders and investors align themselves with what appears to be a promising future for both the exchange and its flagship token.