Bitget (BGB) Soars 83% As Top 100 Cryptos Hemorrhage – Here’s Why
February 15 2023 - 2:11AM
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A number of crypto and trading platforms, despite the fact that
2022 was unquestionably a bear market, did an excellent job of
demonstrating that the performance of exchange tokens is tightly
related to the capability of the platforms they embody. Although
most cryptocurrencies had a bad year, one lesser-known
cryptocurrency, Bitget (BGB), emerged unscathed from the chaos
caused by the recent failure of several large cryptocurrency
exchanges. Related Reading: Polygon (MATIC) Gathers Strength As It
Rides The Super Bowl NFT Wave As Bitcoin options market whales go
for bullish tactics and market volatility persists in general, the
demand for crypto derivatives as a means of mitigating risk and
generating stable returns is at an all-time high. According to a
survey by the Boston Consulting Group, Bitget placed among the top
three cryptocurrency exchanges in terms of trading volume for
derivatives in 2022, with a total trading volume increase of more
than 300%. Bitget (BGB) Dominates Top 100 Coins At the time of
writing, BGB is trading at $0.4042, tallying an impressive 83.2%
increase in the last seven days, as the leading 100
cryptocurrencies listed on Coingecko have mostly shed double-digit
figures and been painted in red in the same timeframe. Bitget is
the world’s largest crypto copy trading platform. Its utility token
BGB occupies the No. 83 position on Coingecko, while on
CoinMarketCap, the token is down far at the No. 211 spot.
CoinMarketCap has BGB rallying a little over 78% in the last week.
The volume of crypto futures has been expanding faster than the
spot market since the second half of last year. Based on figures
by CryptoCompare, derivatives trading volume increased by 76%
month-over-month to $2.04 trillion in January 2023, the
biggest percentage growth since 2021, and currently accounting
for 70% of the whole cryptocurrency market. BGB All In Green BGB
was the only exchange token that remained green in the first two
months of 2023. The cryptocurrency had a record-breaking 136%
year-over-year increase, with values increasing in March and
October 2022 before touching its all-time high of $0.39 on
February 12 this year. Based on data by Coingecko, BNB has posted a
consistent increase in numbers starting from the one-day to the
one-year timeframe. In the last 30 days, BNB has been up 100%, with
the figure climbing higher by more than double to 260% in the
yearly timetable. BGB has numerous applications within the Bitget
cryptocurrency exchange. BGB can also be used as proof of rights
and interests for users of varying levels, as well as a social
token for interactions between fans and copy merchants. Crypto
total market cap at $982 billion on the daily chart | Chart:
TradingView.com Related Reading: Crypto Investors Brace For CPI
Report On Valentine’s Day – Will The Figures Be In Their Favor?
Source: CoinMarketCap Major Crypto Partnerships Meanwhile, Bitget
announced on Monday that it will list the BLUR token in its
NFT spot market zone. BLUR, the Blur network’s governance token,
was set to have its debut listing on Bitget’s platform on
Valentine’s Day. Bitget also announced on February 13 its
agreement with the fintech business Capitual to join in the digital
currency project of Brazil’s central bank. Capitual is one of the
central bank of Brazil’s most important partners, assisting the
institution in developing CBDCs. -Featured image from BeInCrypto
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