Bitget’s native token, $BGB, has reached new heights, surpassing $OKB in market capitalization with a valuation of $3.9 billion.
Ranked 43rd on CoinMarketCap, $BGB is now the best-performing centralized exchange (CEX) token of 2024, reflecting Bitget’s remarkable growth.
Just yesterday, $BGB was trading at $2.2, but its price has surged to $2.9 today—an astonishingly rapid climb. This meteoric rise is further supported by on-chain data, which highlights Bitget’s increasing prominence among market makers and whales.
Market Makers Bolstering Bitget’s Growth
When popular tokens debut, market makers play a crucial role by distributing liquidity to major exchanges.
Larger exchanges typically handle greater trading volumes, prompting market makers to allocate more tokens to these platforms. Historically, Bitget was not a primary destination for such listings. However, this trend has shifted significantly in 2024, with Bitget frequently appearing in the first-release lists of trending tokens.
The @bitgetglobal native token $BGB has surpassed $OKB in MKT cap, reaching $3.9 billion and ranking 43rd, according to @CoinMarketCap.
🔥🔥🔥🔥🔥🔥🔥 pic.twitter.com/2MtBrpHhjM
— CrypBankz📈⛓️ (@CryptoBankz_65) December 7, 2024
This increased activity signifies improved trading volume and market depth on the platform. Market makers, who monitor trading activity and depth closely, are now affirming Bitget’s rising dominance in these areas.
昨天还在说 $BGB 涨的猛，都涨到 $2.2 了。结果今天就变成 $2.9 了…也太猛了~
其实从我关注的链上数据这块来说，Bitget 在做市商和鲸鱼的地址里，正在变的越来越常见。… https://t.co/2515bHHoIG pic.twitter.com/DokqurmbBo
— 余烬 (@EmberCN) December 7, 2024
Whale Activity on the Rise
Additionally, Bitget is attracting more whale traders. Previously, high-value transactions involving Bitget were rare, but now the exchange is consistently featured in whale deposit and withdrawal addresses. This growing engagement underscores the platform’s enhanced brand trust and trading depth, making it a preferred choice for large-scale traders.
Bitget’s progress reflects a steady improvement in its liquidity, trading volume, and overall market presence. With $BGB leading the pack among CEX tokens, the exchange is positioning itself as a formidable force in the crypto industry.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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