Bitget Token (BGB), the utility token of crypto exchange Bitget, has reached a new all-time high after rising 18% in the last 24 hours. This all-time BGB high comes despite the broader market experiencing a significant downturn.
As it develops, the token continues to hold its position as one of the best-performing coins of 2024. That’s what led to the latest rally.
Bitget Token Volume Increases 10x Amid Bullish Conviction
On December 23, BGB trading volume was less than $100 million. According to Santiment, this figure has grown tenfold and now exceeds $1 billion. The sharp increase in volume suggests a growing number of buyers and sellers interacting with cryptocurrency.
Typically, a decrease in volume signals a decrease in interest in the asset. When volume falls, the likelihood of maintaining an uptrend decreases and the price may decline instead.
However, with the recent price increase, the demand for the Bitget token has clearly increased. If trading volume continues to rise along with the price, the value of BGB may continue its upward trend.
After development, the price of the Bitget token briefly rose to $6.55, but has now dropped to $6.40. Despite the slight pullback, 100% of token holders are in profit.
For some, this all-time high in BGB could be a sign of a market top. However, on-chain data from Santiment suggests that this may not be the case. One indicator that supports this thesis is the difference between market value and realized value (MVRV).
The long/short difference MVRV tests whether long-term holders have more unrealized gains than short-term holders, or vice versa. When the indicator rises and is positive, long-term holders have an advantage and sentiment becomes bullish.
Conversely, a decrease in the indicator or a negative value indicates the dominance of short-term holders. But this is typical for a bearish phase. As of this writing, MVRV’s long/short differential is nearly 320%, indicating that the token’s price is likely to reach a new peak regardless of any pullback.
BGB Price Prediction: $6 Isn’t the End
On the daily chart, BGB price continues to make higher lows and higher highs. Consequently, the readings of the Awesome Oscillator (AO), which measures momentum, continue to rise.
Typically, when the AO value is positive, the momentum is bullish. On the other hand, a negative AO value indicates a bearish outlook. Since the image below shows that it is the former, the value of the altcoin may continue to rise.
If confirmed, the altcoin could surpass the highest wick level of $6.58 to $7. In an extremely optimistic scenario, the cost could rise to $10. However, if some holders decide to sell, the potential of BGB’s new all-time high will be invalidated and this could cause the token to fall to $3.64.
