Bitget-Owned BGB Token Prices Have Skyrocketed By More Than 100 Percent!

Bitget BGB Token. (Photo; Doc. Viccrypto)

JAKARTA The Bitget crypto exchange has its own token, BGB. The token has scored a new all-time high after the recent parabolic rally. BGB has surpassed most markets and achieved a number of new achievements in recent months.

At the time of writing, BGB tokens are trading at a price of IDR 6,931 per token. BGB has increased by more than 113 percent in the last two weeks, according to Coingecko data.

The increase is inseparable from the growth of the crypto trading platform itself. The managing director of Bitget, Gracy Chen, explained that Bitget has innovated during the bearish market to help distinguish itself from competitors.

Chen said that Bitget had created a new reserve proof-of-reserve (PoR) report and showed a 227 percent reserve ratio in stock exchange assets as of January 31. This is becoming increasingly important after the collapse of FTX, another crypto exchange that is experiencing increased scrutiny related to their reserve system.

Bitget derivative trading market share also continues to increase, from 3 percent to 11 percent, while trading volume increases by 300 percent. According to Chen, Bitget is the first crypto exchange to introduce copy trading, where users can copy more experienced traders trading instead of managing their own trades.

Bitget also aims to give crypto traders access to less known and more affiliated altcoins in the "innovation zone". Earlier this week, Bitget along with the top US crypto exchange Coinbase, listed BLUR, a new Ethereum-based non-fungible token (NFT) market project.