Bitcoin has been in the news for most of 2024, reaching new highs and milestones. However, as of mid-May 2024, about a month after the 2024 Bitcoin halving, the Bitcoin price is now around $69,000 ā about 14% down from its approximated $75,000 all-time high attained in March.
As Bitcoin continues to move sideways and maintain support levels at $60,000, the altcoin season index is strengthening. Though it reached a rating of 84 in early 2024 and is down to 43 at the time of writing, market analysts believe another altcoin rally is looming. This Bitget analysis explores the Bitget token (BGB), one of the altcoins that have shown massive potential ahead of the anticipated alt rally.
Bitget Token Shows Potential
The Bitget token (BGB) is one of the coins in the news as investors brace up for a bullish altcoin market. The ERC-20 token was launched in 2021, as part of the Bitget ecosystem, consisting of its reputable centralized exchange.
BGB is the exchangeās native token, and it joins many existing cryptocurrency exchange tokens like the Binance Coin (BNB) in the altcoin market. Looking at its use cases, BGB enhances the Bitget ecosystem for its users.
Its primary purpose is to facilitate payments on the Bitget Exchange and its other supported platforms. However, BGB is more than a fee payment asset.
Uses of the Bitget Token
The BGB token offers different possibilities in the Bitget ecosystem, setting the exchange among other industry leaders and providing crypto traders and investors with numerous opportunities.
As Bitget strives to build a world-class cryptocurrency exchange for global users, it created Bitget to help users access the following:
- Reduced Fees/Discounts
Holders of the BGB token can use the coin to pay their fees on the trading platform. When you pay your trading fees using the Bitget token, you can enjoy up to a 15% discount.
- Staking OpportunitiesĀ
The Bitget token offers passive income opportunities via staking. When you stake your BGB, youāll earn periodic rewards. If you prefer active trading, youāll also get rewarded for trading the BGB pair.
- Earn Program
The Bitget token gives you access to the platformās wealth management programs, which provide multipliers that can increase your annual percentage yield (APY) or earnings on holdings.
- Margin TradingĀ
You can enter a margin contract on Bitget using its native BGB token. The coin is part of the Bitget Coin-M futures market that lets you combine different crypto assets into one collateral.
- Launchpad Access
You can subscribe to the Bitget Launchpad and find early-stage crypto projects and investment opportunities.
- Airdrop OpportunitiesĀ
Bitget rewards customers with various airdrop opportunities. One effective way to qualify for airdrop rewards is by holding the Bitget token.
- Voting/Governance
The Bitget Exchange allows BGB holders to vote on the projects they would like to see on the trading platform or other asset platforms like the Bitget Launchpad and Bitget PoolX.
Bitget Token Price History
Another indicator of the Bitget tokenās early success and potential is its significant price growth since it began trading. BGB was valued at $0.0585 per token when it launched in July 2021.
Three years later, its price has increased to $1.10, up by nearly 1,800% as of May 2024. Despite the ma
ssive price growth, itās important to note that BGB had initially reached an all-time high (ATH) price of $1.38 in April 2024.
Bitget Token All-Time Price Chart. Source: Bitget
Moreover, there has been noteworthy growth in BGBās market capitalization and trading volume. As of May 16 2024, the coinās market cap stands at about $1.54 billion, with a trading volume of $33.9 million within 24 hours.
Bitgetās Pre-Market Listings Make All the Difference
One of the reasons for BGBās growth over the years is its affiliation with the Bitget Exchange. The reputable platform ranks among the top cryptocurrency exchanges by trading volume, making it a go-to destination for investors and traders globally.
Additionally, Bitget strengthens its market position with unique products and features that make it stand out among its competitors ā one of which is the Bitget Pre-Market. The over-the-counter (OTC) trading platform lists new coins before their official listing on the Bitget exchange.
So, investors looking to enter the market early to find new coins before they start trading on Bitget can buy and sell new tokens like Notcoin (NOT) and IO.Net (IO) in the peer-to-peer marketplace.
BGB powers the Bitget ecosystem, so it offers you access to the exchangeās pre-market listings. This further strengthens the tokenās utility and potential value, as its demand will increase among investors looking for early access to new coins before their exchange listing.
Overall, the Bitget token price prediction is optimistic. The coin is predicted to reach around $3 in 2030, which is a new all-time high, as Bitget continues to expand its product offerings worldwide. More importantly, itās a promising coin for the upcoming altcoin season.
