Revival of Centralized Exchanges: BNB & BGB Leading the Industry Surge
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In February 2024, the cryptocurrency landscape witnessed remarkable growth, notably in centralized exchange platforms and their native tokens. Bitget, in particular, stood out, exceeding 25 million users and propelling its platform token, BGB, to impressive heights. Meanwhile, BNB rebounded from regulatory setbacks to reclaim its position.
Bitget unveiled its Monthly Report for February 2024. The document includes a number of major achievements of the first month of the emerging bull run.
User base spike and exchange token price rocketing
Bitget announced that its user base exceeded 25 million in the report and its platform token, BGB, soared past the $1 mark in February 2024, amid a thriving cryptocurrency market. BGB's ascent to an all-time high of US$1.15 marked a significant milestone, showcasing a 64% increase and bolstering confidence in Bitget's ecosystem.
Besides that, a Crypto Exchange Token Tracker report published by Tokeninsight recently, indicated BGB and Mexc’s MX token price growth outperformed BTC. And BGB became the second-largest exchange token in terms of trading volume in Feb 2024.
Now the token has a total market cap of $1.3 billion, while the next exchange token on the list, OKB, has a market cap of $3.3 billion. Analysts say that there may still be room for growth for BGB.
To enhance its liquidity ecosystem and trading tooling, Bitget integrated 39 new tokens into its platform in February, drawing significant trading interest.
This expansion led to exceptional performance among the top five tokens, each seeing price surges of over 1,000%.
BNB's regulatory challenges and recovery
BNB weathered regulatory challenges in late 2023 but rebounded strongly in 2024, surpassing previous highs. Despite regulatory uncertainties, positive developments like the launch of the GameFi project Portal fueled a nearly 10% price surge within 24 hours, underscoring BNB's resilience.
IEO projects drive surge in exchange tokens
The surge in exchange tokens can be attributed to the excitement surrounding new listings and Initial Exchange Offering (IEO) projects. While Binance's IEO projects boast the highest average ROI of 36.9x, Bitget offers a diverse range of projects with an average ATH ROI of 23.1x. Bitget's IEO platform covers trending topics like GameFi, SocialFi, Metaverse, and NFT, making it appealing to traders seeking increased returns and market trend insights.
February also witnessed substantial growth in the AI sector, particularly fueled by the launch of OpenAI's Sora model, which has significantly advanced AI creativity and captivated the market's interest. This enthusiasm contributed to a remarkable 400% increase in trading volume in Bitget's AI zone, reflecting the market's keen interest in AI-driven advancements.
A Bitget study on investor sentiment revealed strong confidence in the future of the cryptocurrency market, especially in light of the anticipated Bitcoin halving. A significant majority of investors are poised to increase their investments, expecting Bitcoin to reach new all-time highs.
Yuri Molchan
Dan Burgin