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Bitcoin‘s (BTC) ascent to $52,000 seemed to have sparked a rally in altcoins as well. During this period, it was revealed that exchange tokens, including Bitget’s native token BGB, experienced an increase in value.
What is the Current Dollar Value of BGB?
Over the past four months, BGB has shown a remarkable rise from $0.4 to over $1. This sustained momentum may reflect the confidence investors have in the token and suggest Bitget’s support from its users.
Additionally, a closer look at BGB’s price reveals a minor 0.5% decrease in the last 24 hours, yet the price remains above $1, at $1.03. There was also a noticeable decline in the token’s overall market volume and 24-hour trading volume, with the latter attracting particular attention.
The market volume of BGB decreased by 1%, placing the token at the 57th position in the market ranking with a market cap of $1.4 billion. Moreover, the 24-hour trading volume saw a drop of over 50%, resulting in a volume of just $24 million, which could indicate waning investor interest.
Current Status of BGB and Other Exchange Tokens
One question mark regarding the value perception of BGB is its undervaluation compared to tokens like OKX’s native token OKB. Despite Bitget’s daily trading volume reaching $9 billion, some investors consider BGB’s price low relative to this volume.
Considering the discrepancy, the potential for significant growth in BGB, especially when combined with the strong performance of exchanges and the anticipated bull market in 2024, could unlock substantial growth for the token.
Looking ahead, BGB’s value could increase in the coming days based on certain factors. Bitget lags behind OKX by 60% in trading volume, and consequently, BGB’s market value is perceived to be low in comparison.
Some experts predict that Bitcoin’s price could triple in 2024, and if BGB’s current value increases by 5-8 times, it could potentially trade between $3 and $5.
