TokenInsight Exchange Platform Coin Report: BGB Ranks as the Second Largest Platform Coin by Trading Volume

Cryptocurrency exchange platform tokens, as the core of cryptocurrency asset trading platforms, play an important role in the cryptocurrency industry. These platform tokens serve as passes to participate in specific exchange ecosystems, implying the development potential of the exchanges themselves and their ecosystems. This TokenInsight report aims to study the market capitalization changes, trading volume changes, price trends, etc. of platform tokens in order to gain an in-depth understanding of the market performance and potential opportunities of these platforms.

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BGB Market Capitalization Increase Exceeds 100%
BGB Becomes the Second Largest Platform Token in Terms of Trading Volume
Average ROI Performance of IEO Projects
$BGB Surpasses Historical ATH Again in February 2022, Rising Above $1
BGB Market Capitalization Increase Exceeds 100%

On February 21, 2024, the top 10 platform tokens had a market capitalization of approximately $68 billion, accounting for about 3.2% of the total cryptocurrency market capitalization, which decreased by about 0.3% compared to the end of 2023. Within the discussed timeframe of this report, Bitget’s platform token $BGB and $MX had the largest market capitalization increases, reaching 434% and 248%, respectively.

BGB Becomes the Second Largest Platform Token in Terms of Trading Volume

Within the discussed timeframe of this report, the trading volume of $BGB showed a significant upward trend, increasing from about 0.5% in early 2023 to about 1.9% in February 2024, making it the second largest platform token in terms of trading volume. In addition, with a 1.5% increase in market capitalization share, $BGB is expected to continue this trend in the future and capture more market share in the platform token market.

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Average ROI Performance of IEO Projects

Within the discussed timeframe of this report, Binance’s IEO projects had the most outstanding average ROI performance, with an ATH ROI of up to 36.9x. However, it should be noted that since 2023, Binance has only launched 3 IEO projects. In comparison, OKX and KuCoin have launched fewer projects, with only 1 and 2 projects, respectively, mostly focusing on the infrastructure and Web3 service sectors. Although these IEO platforms currently have good ROI performance, due to lower update frequency and limited choices of sectors, they are unlikely to bring significant wealth effects.

In contrast, Bitget’s IEO platform is more balanced. The launched projects cover multiple fields such as GameFi, SocialFi, metaverse, and NFT, which are currently popular in the cryptocurrency market. Combined with equally impressive ROI performance, Bitget’s IEO platform is more suitable for traders to track market trends and achieve higher returns.

$BGB Surpasses Historical ATH Again in February 2022, Rising Above $1

2023 was a year of rapid expansion for Bitget, with a significant increase in overall trading volume, including a 94% growth in spot trading. At the same time, Bitget also completed several important strategic investments and promotional activities, achieving excellent results in copy trading. These factors contributed to the rise in the price and trading volume of its platform token $BGB:

In early February 2023, influenced by the overall upward trend of the cryptocurrency market, the price of $BGB doubled from $0.2 to $0.4.
By the end of 2023, the price of $BGB rose again, reaching a high of $0.66, with a yearly increase of nearly 230%.
In 2024, $BGB continued its upward trend and broke through the ATH price, rising above $1 for the first time on February 17.
In terms of trading volume, in 2023, the trading volume of $BGB remained relatively stable between 15-20M, showing a more stable pattern. In 2024, with $BGB’s price surpassing $1, the trading volume also soared to over $50M. The highest daily trading volume occurred on February 18, with a volume of $83M.

BGB
Bitget
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Further Reading
Bitget Launches Blockchain4Her Ambassador Program to Enhance Women’s Leadership in the Industry
Bitget’s Latest Monthly Report: Derivatives Trading Volume Increases by 22%, Platform Token BGB Rises by 64%