Bitget’s native token, BGB, reached a new all-time high yesterday, defying the wider market trend. The token surged to $1.38, marking a nearly 250% increase from last year’s price. BGB stands as the second-largest gainer in the crypto market this week, following CORE. This price surge comes on the heels of a brief market liquidation, with Bitcoin and Ethereum experiencing a slight dip of under 5% in a week.

Data from CoinGecko reveals that BGB now holds the position of the second-largest centralized exchange token in terms of daily trading volume, just behind Binance’s BNB.

If you’re interested in BGB, here are some key details:
– ALT Price: $0.01428
– ATH Price: $1.38
– Market Cap: $1.85B

Bitget Research’s Chief Analyst, Ryan Lee, shared exclusive insights into BGB’s performance metrics with crypto.news. Lee highlighted the thriving spot trading market and the steady development of the derivatives market on the exchange. With the recent surge in spot and derivative trading volume, coupled with Bitget’s growing profits, there is still significant potential for BGB’s price to rise.

Lee also noted the expansion of BGB’s utility and use case, particularly with the introduction of three consecutive Launchpools on Bitget. The example of the Ethena (ENA) Launchpool showcased the daily yield of staking BGB at 0.8%, resulting in an APY of 292% during participation. Users also experienced double benefits with BGB reaching its new all-time high during the staking period.

Additionally, Bitget announced the upcoming launch of PoolX, described by Lee as a high-frequency and small-scale Launchpool. Lee believes that PoolX can provide high annualized returns most of the time, turning BGB into a lucrative option for staking in the current bullish market.

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