The Bitget token (BGB) has been in an uptrend over the past three days, consistently setting new all-time highs. Today, the price of the BGB token broke the $4 barrier, reaching a peak of $4.38.
This price surge has propelled it to the top of the market leader list in the last 24 hours and brought 100% of its circulating supply into profit.
Record income for Bitget holders
Over the past 24 hours, the price of BGB has skyrocketed 19%, breaking the psychological $4 mark. During the early Asian session on Wednesday, the altcoin hit a new all-time high of $4.38 before witnessing a slight decline. Because of this double-digit jump in BGB’s value, 100% of its circulating supply is now profitable, according to Santiment.
When 100% of an asset’s circulating supply is profitable, each token or coin in circulation is currently worth more than its original purchase price. This indicates that all holders of the asset are making a profit. This suggests strong market performance and investor confidence as no one holding the asset is at a loss.
It is noteworthy that buying activity is still ongoing, as evidenced by the growing trading volume of BGB. Over the past 24 hours, it exceeded $320 million and grew by 56%.
When rising trading volume accompanies rising asset prices, it signals strong investor interest and increased market activity. Higher volume indicates that there are more traders participating in the market, which can help keep prices higher.
BGB price forecast: rise above $5 or decline to $3?
BGB is trading below new resistance formed by the all-time high at $4.38. The token could turn this resistance into support if buying pressure intensifies. If successful, this could 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, saying that the exchange’s expansion into new markets should push the BGB price to new heights.
“Based on strong fundamentals and growing adoption of the Bitget platform, growing market participation potentially pushes the price towards the $5 target over the medium term. Over the long term, if BGB had the same market capitalization as BNB, the price of BGB would be approximately $74.82 per token,” Lee said.
However, a surge in profit-taking activity will invalidate this bullish forecast. In this case, the price of the BGB token may drop to $3.47 in the near future.
