A trading platform, Bitget, has said its token remains stable after sloppy performance from competitors.
Bitget managed to successfully manoeuvre its way through collapses of competitors. BGB token demonstrated positive trend, raising its all-time high (ATH) price bar several times last year.
The BGB token turned out to be the only exchange token that stayed green all year round. The asset posted an unprecedented 136 per cent year-over-year gain, with prices lifted in March and October and reaching its ATH of $0.4 on February 15, 2023.
Management of the firm said it massively benefited from the FTX collapse, increasing its share of the crypto derivatives trading market from three per cent to 11 per cent, according to the Token Insight report.
As the Bitcoin options market sees whales opting for bullish strategies and amidst the market volatility in general, the demand for crypto derivatives as an instrument for hedging risks and earning stable profits is higher than ever.
Since the second half of 2022, crypto derivatives volume has been growing faster than the spot market. According to data from CryptoCompare, in January 2023, derivatives trading volume showed a monthly gain of 76% reaching $2.04 trillion, the largest percentage increase since 2021, and currently representing 70% of the entire crypto market.
The exchange’s foray into the spot market has been another contributing factor to the growth in the price of BGB. Bitget added AI (Artificial Intelligence), Arbitrum, and NFT zone listings to its Innovation Zone for early-stage exposure to related tokens. Within a week, 21 assets were listed in the Innovation Zone, while Future (AI) witnessed the biggest gain of 1263%.
Not only that. BGB token has reached its ATH several times over the past year driven by major partnerships, market expansion and the launch of pioneering products such as copy trading. It is noteworthy that in 2022 the token never dipped below the price of 2021, unlike other cryptocurrency exchange coins. In addition,
BGB rallied impressively in October, breaking its price record after Bitget announced its partnership with prominent football player Lionel Messi.
The financial and technical stability of the exchange also played a big role in maintaining a stable price of its token throughout the year. Bitget is the only exchange among today’s top five that has never faced hacking attacks
allowed the company to minimize the consequences of the market fall and show record financial and quantitative indicators in the New Year,” the firm stated.