Bitget's Rapid Growth: LaunchX Innovation and Record-Breaking Trading Volumes

Bitget Token (BGB) is the main utility token of the Bitget cryptocurrency exchange, launched on July 26, 2021. There are 2 billion BGB in total, with about 1.4 billion currently available. BGB offers benefits like discounts on transaction fees, staking rewards, and voting rights on project listings. As of December 18, 2024, BGB is priced at around $4.15, with a market cap of about $664 million. The exchange is growing rapidly, with a daily transaction volume of about $10 billion and over 20 million users.

LaunchX: Connecting Innovation with the Web3 Community

Bitget has launched LaunchX, a new platform designed to connect innovative blockchain projects with the Web3 community, making it easier for projects to distribute tokens and increase user adoption. The first project featured on LaunchX is Fuel Network (FUEL), which aims to enhance blockchain scalability and efficiency through its advanced infrastructure. LaunchX emphasizes user-friendly design and security while leveraging Bitget's large user base of over 45 million for widespread project exposure. It also provides support to developers for token listings and post-launch growth. For the FUEL token, there is a total supply of 10 billion, with 20% allocated to the community. Eligible Bitget users can subscribe to FUEL from December 16 to 19 using USDT. Bitget’s CEO, Gracy Chen, indicates that LaunchX is crucial for promoting global crypto adoption and helping promising projects reach investors.

Surge in Trading Volume

Bitget has seen a major increase in trading volume, especially in its derivatives market, reaching an all-time high of approximately $1.51 trillion by mid-December 2024. This represents a 1.7% rise in just 24 hours, indicating strong activity on the platform. Despite a general slowdown in the industry, Bitget’s spot trading volume grew by 34.8%, and futures trading jumped by 61.9%. The platform's pre-market trading also exceeded $50 million, with many tokens available for zero-fee trading, attracting diverse traders. Bitget's user base has grown to over 45 million, boosting overall trading activity. As a result, Bitget is now one of the top three exchanges globally for futures trading, enhancing its position in the crypto market.

Technical Analysis of BGB

BGBUSD surged more than 45% in the past three days. It hit a high of $4.27 and is currently trading around $4.17. A daily close below $2.80 would signal a further minor bearish trend. However, BGBUSD remains above both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA) on the 4-hour chart, indicating some stability.

Resistance and Support Levels

The immediate resistance level for BGB is around $4.30; a breakout above this level could push prices higher. If it surpasses $4.50, a significant bullish trend may develop, potentially leading to targets of $5 or $6. On the downside, immediate support is at $3.80, with further targets at 3/3/2.80. Market indicators such as the Directional Movement Index and CCI (50) are currently bullish.

Trading Strategy Recommendations

Given the current market conditions, it may be wise to buy on dips around $3.50, setting a stop-loss at $2.70 and targeting a profit at $5. This strategy allows traders to take advantage of potential upward movements while effectively managing risk.