Cryptocurrency exchange Bitget has recently seen its native token $BGB skyrocket to an all-time high, outperforming the wider crypto market.
At the time of writing, Bitget Token is up 12% in the past day and almost 30% in the previous month.
Many Bitget Token price predictions anticipate that this bullish momentum to continue both in the short and long term.
What is the Bitget exchange?
Founded in 2018, Bitget has established itself as a key player in the cryptocurrency exchange market, with a mission to provide a secure, comprehensive crypto investment solution.
The founding team came from a background in traditional finance and first encountered blockchain technology in 2015. After delving into the Bitcoin whitepaper and exploring the Ethereum ecosystem, the team recognised the potential of cryptocurrencies to significantly impact the future of finance and offer solutions for unbanked populations.
Born in the 2018 bear market, the exchange said that it has consistently prioritised its users, focusing on product innovation and advocating for long-term, sustainable development.
The company aims to revolutionise the way people engage with finance. Its official website said: “We are creating a more equitable future where crypto evolution reforms the way finance works and people invest forever.”
Bitget offers a range of services including spot trading, futures trading, and a suite of other cryptocurrency-related financial services. The exchange was designed to cater to both novice and experienced traders.
Its website added: “We empower individuals with simple yet powerful tools to embrace the future of finance in a safe, easy, and efficient way.”
What is Bitget token (BGB)?
Central to the Bitget ecosystem is its native cryptocurrency, Bitget Token (BGB). It was designed to integrate seamlessly with the services offered on the platform.
BGB serves multiple functions. Primarily, it offers users reduced trading fees, incentivising its adoption and use within the platform.
The token also plays a role in staking and other reward programmes, where users are further encouraged to hold onto the cryptocurrency for the long run.
Bitget Token history
BGB was not the exchange’s first native cryptocurrency. The platform first launched the Bitget DeFi Token (BFT).
But in July 2021, Bitget announced that it was upgrading BFT into BGB. This swap was designed to improve the utility and appeal of the cryptocurrency. A press release said: “BGB will be a seamless and vibrant Web3-ecosystem for all crypto holdings, community tokens, NFTs, Defi applications, and much more.”
BGB’s price history kicked off at $0.07 on 1 August 2021 and it fluctuated around this level for the rest of the year.
It began making steady gains in the first quarter of 2022. It was an active time for the platform. In January, Bitget was the third largest crypto exchange based on futures trading volume. Its featured product “Coin-Margin futures” climbed to a record high trading volume of $7.82 billion.
For the first time, Bitget Token surpassed the $0.10 mark in January. It continued climbing throughout the following months, hitting $0.20 in March and peaking at $0.21 on 4 April.
Over the rest of the year, BGB corrected from this rally, dropping to $0.11 in June.
However, the beginning of 2023 saw Bitget Token’s largest bull run to date. It climbed from $0.21 on 7 February to $0.46 10 days later. A press release from the exchange said: “The increase in Bitget tokens can be attributed to various factors, including its security, flexibility, and potential for high returns.”
BGB has managed to sustain this bullish momentum from investors. On 13 November, it climbed to its all-time high of $0.58.
At the time of press, BGB was trading at $0.52. It was down 0.23% in the past 24 hours and up 8.67% in the previous week.
Bitget Token price prediction
When it comes to BGB token price predictions, CoinCodex said there is currently “neutral” sentiment surrounding the cryptocurrency. A total of 20 indicators pointed towards buy, while eight signalled sell. Its Bitget Token price prediction for 2023 suggested it would drop to $0.51 in five days’ time, but reach $0.53 in a month.
PricePrediction said BGB’s average price this year would be $0.57. Its Bitget Token price prediction for 2024 anticipated a high of $0.99 and for it to hit the $1 mark the following year. The site’s Bitget Token price prediction for 2030 suggested it would reach $7.64.
DigitalCoinPrice‘s anticipated much higher gains this year with its BGB crypto price prediction. It suggested the token would average out at $1.10 this year and $1.22 in 2024. Its Bitget Token price prediction for 2025 expected a maximum price of $1.84.
Gov Capital was also bullish with its BGB coin price prediction. It similarly anticipated the crypto to surpass $1.31 within a year. Its Bitget Token price prediction for 2025 suggested it could reach $2 by the end of the year.
FAQs
Should I invest in Bitget Token?
It depends. BGB has recently climbed to an all-time high and price predictions expect this trend to continue. However, the cryptocurrency market is known for its volatility and you should never invest more than you can afford to lose.
Is Bitget Token a good investment?
The BGB token went live in 2021 to give investors a chance to support the exchange, while also earning rewards and discounts. However, investors should be cautious and always conduct thorough due diligence.
Disclaimer: The information provided in this article is for informational and educational purposes only and should not be construed as financial advice. CoinNews and its authors are not financial advisors or experts. We recommend that you consult a professional financial advisor or conduct thorough research before making any investment decisions. Cryptocurrency investments carry a high degree of risk, and you should only invest an amount you are willing to lose. The opinions expressed in this article are those of the author and do not necessarily reflect the views of CoinNews or its affiliates.
