Bitget Token (BGB), the utility token of the Bitget exchange, has defied broader market downturns. Its value surged 18% within 24 hours, marking a new all-time high. This surge reinforces its position as one of 2024’s best-performing cryptocurrencies.
Trading Volume Surges 10x
On December 23, BGB’s trading volume was under $100 million. Just days later, it skyrocketed past $1 billion, according to Santiment data. This tenfold increase indicates heightened activity among traders, showcasing the token’s growing demand.
Typically, low trading volumes signal fading interest, making it harder for an asset to sustain gains. However, BGB’s rising volume suggests strong market interest, potentially sustaining its upward momentum.
Price Performance and On-Chain Metrics
Following this spike, BGB’s price briefly reached $6.55 before stabilizing at $6.40. Despite this slight pullback, all current token holders remain in profit.
Some investors view this milestone as a potential market peak. Yet, on-chain data from Santiment suggests otherwise. The Market Value to Realized Value (MVRV) Long/Short Difference metric shows that long-term holders dominate the market, a bullish indicator.
Currently, the MVRV metric sits at an impressive 320%, hinting that BGB’s price could rise further.
Momentum Indicators Signal Growth
On the daily chart, BGB has consistently formed higher highs and higher lows. The Awesome Oscillator (AO), which tracks momentum, remains in positive territory. This suggests bullish sentiment and the potential for further gains.
If the current trend continues, BGB could surpass its peak of $6.58 and aim for $7. In an ideal scenario, the price might even climb to $10. However, selling pressure could invalidate this trajectory, sending the token down to $3.64.
Why BGB Stands Out
Bitget Token’s recent performance cements its position as a standout in the crypto market. Its resilience, even during challenging market conditions, demonstrates strong investor confidence and utility.
