Crypto exchange tokens Binance coin (BNB), Bitget (BGB), and GateToken (GT) have all reached all-time highs today. The rise in the value of digital assets echoes the broad altcoin market’s bullish sentiment, and analysts expect they will all surge even further in the long term.
According to Coingecko data, Binance’s native token, BNB, has surged by approximately 20% in the past 24 hours. The rally pushed its market cap past Solana’s SOL, moving its previous position to become the fifth-largest crypto by market cap.
Exchange tokens GT and BGB have also experienced price surges that have led to all-time high values.
On the other hand, the current global crypto market cap stands at $3.74 trillion, reflecting a 2.78% change over the last 24 hours. Bitcoin’s current market cap is $1.9 trillion, reflecting a 50.72% dominance of Bitcoin. The Stablecoins market cap stands at $199 billion, representing a 5.31% share of the overall crypto market cap.
BNB hits $771.60 ATH before slight retreat
Binance’s native token, BNB, hit an all-time high of $771.60 earlier today, catapulting the project’s market capitalization beyond $110 billion. The asset has experienced a steady rise over the last couple of weeks, gaining 15.8% in the past 24 hours, 22.6% over the last week, and 34.4% in the past month. Compared to its values in December 2023, BNB has surged by nearly 230%.
However, after touching its peak, the token saw a modest dip of 2.1%, trading just below its record high. Analysts at CoinCodex predict further upside price movement for BNB, expecting it to breach the $800 mark by mid-December, with a potential high of $839.19 projected for December 16. Achieving this would require an uptick of approximately 11.14% from current levels.
GT Soars Beyond Previous Highs
Gate.io’s native token, GT, has also captured market attention with a robust uptrend, reaching a peak of $13.63, slightly surpassing its previous all-time high. This rally marks the completion of an impulsive five-wave Elliott Wave pattern, signaling the culmination of a prolonged accumulation phase since December 2023.
Technical indicators, however, hint at possible resistance ahead. The Relative Strength Index (RSI) has entered the overbought territory, reaching 80, suggesting a cooling-off phase may be imminent.
Gate.io recently introduced a crypto card designed for users in the European Economic Area (EEA) to experience seamless crypto-to-fiat transactions. The debit card, which is reportedly backed by Visa, allows holders to pay at any merchant that accepts traditional bank cards, integrating cryptocurrencies effortlessly into everyday spending.
BGB to launches BitEXC Platform in Vietnam, hits new highs
Bitget’s native token, BGB, reached a new all-time high of $1.74, reflecting a 232.39% increase over the past year. The token achieved successive highs within a fortnight, hitting $1.69 towards the end of November.
At press time, BGB is trading at $1.72 and could be on the brink of surpassing its ATH level. The crypto market’s current bullish momentum has bolstered BGB’s recent breakout from a falling wedge pattern, a classic bullish reversal signal.
Technical indicators reinforce the potential for further price gains: the MACD has formed a bullish crossover, signaling upward momentum, while the RSI sits at a healthy 58, indicating moderate buying pressure without nearing overbought levels.
Bitget token’s key support lies at $1.50 and $1.30, while resistance is set at $1.75 and $2.00. This breakout positions BGB for continued growth, with analysts forecasting sustained upward trends through the end of 2024.
The token’s price surge comes after the exchange announced BitEXC’s launch. BitEXC is a trading platform launched in Vietnam. Bitget is looking to tap into Vietnam’s fast-growing crypto community. The country ranks second globally in cryptocurrency ownership, with 21.2% of its population involved in digital assets.
In addition to peer-to-peer (P2P) trading, BitEXC provides both spot and futures trading options. The platform supports payments via ViettelPay, a state-operated service; Momo, a Vietnamese payment system backed by Canada’s Nuvei; and ZaloPay, which integrates with the local Zalo messaging app. On its launch day, only P2P trading was operational.
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