The native asset of crypto exchange Bitget (BGB) is closing in on a market cap of nearly $8 billion after the token surprisingly sparked an 844% rally in 2024.
According to current data, BGB is trading for $5.64 at time of writing, a 15% increase during the last 24 hours.
BGB launched in 2021 and was designed to boost community engagement and streamline trading activities within the Bitget ecosystem.
According to a recent report by Bitget, the exchange surged in popularity, partially due to a rise in Gen Z crypto buyers, who began gobbling up digital assets after former President Donald Trump won the 2024 US presidential election.
The data shows that Bitget saw a staggering 683% increase in Gen Z users in November, pushing the demographics’ share of new users on the platform from 26.2% in October to 53.8% by the end of November.
“Trump’s pro-crypto rhetoric during his campaign, including pledges to establish a national Bitcoin reserve and encourage domestic Bitcoin mining, resonated with younger voters. This demographic, known for its tech-savviness and interest in financial autonomy, responded by flocking to platforms like Bitget.
In total, 844,000 new users under 25 joined Bitget in November, a dramatic rise from the 110,000 recorded in October.
The shift highlights the influence of political narratives on financial behavior, with market enthusiasm fueled by the fear of missing out (FOMO) and expectations of favorable crypto policies under the new administration.”
Bitget’s research reports that Gen Z users now make up about 21% of all crypto investors.
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