Bitget Token BGB Reaches New ATH: Spikes 19% in 24 Hours and 224% in Past Month

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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December 25, 2024

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Bitget exchange’s native token, BGB, has surged 19% in 24 hours and 224% in the past month, due to the launch of its distribution platform LaunchX.

Data from CoinMarketCap shows BGB is ranked 25th in cryptocurrency rankings, with a circulating market value of $7.55 billion and a fully diluted valuation (FDV) of $10.79 billion.

BGB reached a new all-time high of $5.68 marking a 19% increase in the past 24 hours and an impressive 224.13% gain over the past month.

New Platform LaunchX Triggers Bitget Token Valuation Spike

In mid-December, Bitget introduced LaunchX, a token distribution platform for the Web3 community. The platform supports public offerings and facilitates token airdrops and quest-based airdrops.

In a conversation with Cryptonews, Ryan Lee, chief analyst at Bitget Research explained why BGB has emerged as a standout performer in December:

“The introduction of LaunchX has introduced another layer of momentum for BGB. With participation exceeding $400 million USDT—an extraordinary oversubscription rate of 7252%—LaunchX underscores the market’s growing recognition of Bitget’s reliability and appeal. Even with strict risk control measures, the demand reflects strong investor sentiment toward the platform.”

Lee went on to explain that the strong performance of BGB Launchpool, consistently delivering high APR returns across multiple pools, has improved market confidence.

Projects such as Zircuit (ZRC), backed by top VCs, prove Bitget’s ability to attract high-quality opportunities, reinforcing its market position, added Lee.