BGB, the native token of the Bitget exchange, has been one of crypto’s biggest success stories over the last couple of years.
At a time when the crypto market has been through a torrid time, BGB has thrived and proven to be a rare positive.
Indeed, with the news that the platform was seeking a license to operate in Hong Kong, it seems like both Bitgert and BGB are continuing to step forward.
But what is Bitget (BGB)? How does Bitget work? Let’s see what we can find out, and also take a look at some of the Bitget Price Predictions that were being made as of 29 June 2023.
One of the most important places on the blockchain is the crypto exchange. Since crypto is a commodity whose value is decided by the market, the places where coins and tokens are bought, sold, and exchanged are absolutely critical.
One such exchange is Bitget . Set up in Singapore by crypto entrepreneur Sandra Lou, the platform, which is based in Seychelles, offers people the chance to trade in cryptocurrency and financial derivatives.
Bitget is supported by its own native token, which goes by the ticker handle BGB.
The Bitget platform is a crypto exchange, which means people can connect their wallet and, after going through the relevant Know Your Customer checks, get hold of crypto.
Because Bitget is a centralized exchange, people are restricted to buying, selling and trading the cryptos that are listed by the platform.
People who hold BGB, which replaced the old BFT token in the middle of 2021, are able to get discounts on trading fees. They can also access products that are being developed on the exchange early, and it can be staked, or set aside, in return for rewards. It can also be bought, sold, and traded on exchanges.
Because BGB is based on the Ethereum blockchain, it is a token, rather than a coin. You might see references to such things as a Bitget coin price prediction, but these are wrong.
Let’s now take a look at some of the highlights and lowlights of the Bitget price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a Bitget price prediction.
When BGB first came onto the open market in the summer of 2021, it was worth about $0.07. For its first few months, it stayed fairly static, albeit with some peaks and troughs, and it closed the year at $0.0899.
Although 2022 was a bad year for the sector as a whole, BGB was one of the few cryptos to emerge in a better position that it started. Although it was not immune to market downturns, going from $0.2139 on 3 April to a low of $0.102 on 18 June, it was able to ride out the worse of the market action.
When it closed 2022 at $0.1791, it had gained nearly 100% over the course of the year. This was even more impressive when put against the backdrop of a crypto market which lost more than 60% over the same period.
So far, 2023 has been a pretty good year for BGB. Anticipation around the reboot of the system’s launchpad saw it skyrocket, reaching an all-time high of $0.5152 on 19 February. Things slowed down after that, but they picked up again in the late spring and early summer and, on 29 June, it was close to its best-ever price, standing at around $0.50.
At that time, there were 1.4 billion BGB in circulation out of a total supply of 2 billion. This gave the token a market cap of about $700 million, making it the 209th largest crypto by that metric.
Over the last month or so, BGB has performed well in a market that was shaken by the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase exchanges.
On 5 June, Bitget was worth $0.4796 and it even rose to reach $0.5133 on 10 June. That day, though, saw the news that Crypto.com had suspended its US operational arm which sent BGB down nearly 10% in mere hours to $0.4631.
The token has made some recovery, and at the time of writing, was worth 4.25% more than it was on June 5. It was up nearly 8% from the lows of 10 June, but still down more than 2.5% from the lows of the same day.
With that all out of the way, let’s take a look at some of the Bitget price predictions that were being made as of 9 June 2023.
It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.
Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term Bitget price prediction that saw it drop ever so slightly to $0.499 by 4 July before rising to a new all-time high of $0.5898 on 30 July. The site’s technical analysis was highly bullish, with 24 indicators sending positive signals compared to just three making bearish ones.
In terms of other Bitget price predictions for 2023, DigitalCoinPrice thought that the crypto would break past the dollar to trade at $1.05 this year. Other sites were not quite as bullish, but still predicted BGB would reach an all-time high this year, with Bitnation forecasting $0.75 and PricePrediction.net arguing for $0.59.
When it came to making a Bitget price prediction for 2025, it was Bitnation’s turn to be the most upbeat, saying it would get to $1.75, while PricePrediction.net was the most cautious, saying it would be worth $1.30. DigitalCoinPrice was closer to Bitnation, saying BGB trade at $1.70 in two years time.
Moving on to a Bitget price prediction for 2030, PricePrediction.net was the most bullish, saying it would get to $8.48 that year, while DigitalCoinPrice had it at $5.19, and Bitnation’s Bitget crypto price prediction said it would get to $4.75 at the start of the next decade.
It is impossible to tell. On one hand, BGB has been something of an unsung star, one of the very few cryptos to emerge from the disasters of 2022 in a better place than from where it started the year.
If it succeeds in getting a license to operate in Hong Kong, then things could look very encouraging.
On the other hand, we do have to allow a beam of realism to shine through. BGB is firmly outside of the top 100 cryptos and, as we have seen all too often, platforms can collapse and tokens and coins can become obliterated very quickly.
There have also been – admittedly denied – claims that Bitget is a scam. A spokesperson for Bitget said that the allegations, made by crypto influencer Evan Luthra, were triggered by the exchange identifying him as “being involved in some suspicious transactions” related to the Reel Token (REELT) crypto on the system.
In a statement , the exchange said Luthra, who advises the token, and three other people had had their accounts frozen.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in BGB.
No one can really tell right now. While the Bitget crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On 29 June 2023, there were 1.4 billion BGB in circulation out of a total supply of 2 billion
It might but, if it does, it won’t happen for a while yet. PricePrediction.net thinks it could get into double figures in 2031. Keep in mind, though, that the token’s highest ever price is $0.5152, which it reached in February 2023.
The BGB crypto helps support the Bitget exchange, with holders entitled to access to new projects and money off trading fees. It can be staked in return for rewards and can also be bought, sold, and traded on exchanges.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.