Bitget Token (BGB) has been on an uptrend over the past three days, consistently setting new all-time highs. Today, the BGB token price breached the $4 barrier, reaching a peak of $4.38.
This price surge has propelled it to the top of the market’s gainers list for the past 24 hours and has put 100% of its circulating supply in profit.
Bitget’s Holders Record Gains
BGB’s price has rocketed by 19% over the past 24 hours, pushing it past the $4 psychological mark. During Wednesday’s early Asian session, the altcoin exchanged hands at a new all-time high of $4.38 before witnessing a slight dip. According to Santiment’s data, due to this double-digit spike in BGB’s value, 100% of its circulating supply is now in profit.
When 100% of an asset’s circulating supply is in profit, every token or coin in circulation is currently worth more than its initial purchase price. This indicates that all holders of the asset are experiencing gains. It suggests strong market performance and investor confidence, as no one holding the asset is at a loss.
Notably, buying activity is still underway, as reflected by BGB’s surging trading volume. Over the past 24 hours, it has exceeded $320 million and spiked 56%.
When a surging trading volume accompanies an asset’s price rally, it signals strong investor interest and increased market activity. The higher volume indicates that more traders are participating in the market, which can help sustain the price growth.
BGB Price Prediction: A Rally Above $5 or a Decline To $3?
BGB trades below the new resistance formed by its all-time high at $4.38. The token could flip this resistance into a support floor if buying pressure strengthens. If successful, it may trigger a rally to a new all-time high, potentially above $5.
Ryan Lee, Chief Strategy Officer at Bitget Research, shared a more optimistic outlook with BeInCrypto, stating that the exchange’s expansion into new markets is set to drive BGB’s price to new heights.
“Backed by strong fundamentals and increasing adoption of the Bitget platform, the growing market engagement potentially pushes the price toward the target of $5.00 in the medium term. In the long term, if BGB had the same market cap as BNB, the price of BGB would be approximately $74.82 per token,” Lee stated.
However, a spike in profit-taking activity will invalidate this bullish outlook. In that scenario, the BGB token price could plunge to $3.47 in the near term.
Disclaimer
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