Bitget Token BGB saw an 8.81% surge in value earlier today to trade at $1.30 according to Coinstats data. The reason for this remarkable move was the Merl project launch on the Bitget trading platform. This strong performance comes as the broader cryptocurrency market experiences a decline.
Farming is now open for $MERL @MerlinLayer2 on #Bitget Launchpool.
⛏️ Stake $BGB & $USDT to farm 330,000 $MERL!
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— Bitget (@bitgetglobal) April 18, 2024
Reasons for the BGB Rise
The launch of new projects like the Merl on Bitgets launch pool platform is one major contributor to this rise in market value, as holders of BGB get rewards after staking their tokens in these pools.
This surge comes after Bitget, a renowned player in the cryptocurrency exchange market, launched its token BGB to access all the features and benefits of the Bitget platform.
The Bitget trading platform could see more surges as other digital assets on the Bitget platform have shown remarkable improvement, according to a release by the Bitgets X platform. Among the daily top 5 gainers with their current percentage surges were: $PONKE 39%, $GHST 24%, $BLZ 22%, $NOM 17%, and $ZIG 13%.
Bitget (BGB) Analysis
The price of BGB has seen an increase of 47% over the past 30 days, trading at a current price of $1.26, a 0.01% drop in the last 24 hours as per data from Coinstats. With an active market capitalization of $1,793,399,762, which is a 3.93% rise, bullish sentiment is evident in this digital token.
On the other side, BGB could see a steep slump in price if BGB holders lock in their profits by selling their tokens. The awesome oscillator and the moving average convergence divergence (MACD) support this sentiment, hinting at a possible reversal in the upward trend.
The price of BGB has been trading above the current levels, with positive momentum indicators like Fibonacci indicators showing levels above 50%. The Relative Strength Index shows upside swings which could be sparked if the pending buy signals are met.
This comes after the recent plunge in the whole crypto market following the current geopolitical feud between Israel and Iran. The Bitcoin halving event, which is supposed to start later this week, is also an event to look out for, as it could trigger all-time highs in the digital realm.
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