The native asset of crypto exchange Bitget (BGB) has seen a remarkable surge in market cap, approaching $8 billion following an impressive 844% rally in 2024.
As of the latest data, BGB is currently trading at $5.64, marking a 15% increase within the past 24 hours.
Launched in 2021, BGB was created to enhance community engagement and streamline trading activities within the Bitget ecosystem.
According to a recent report by Bitget, the exchange witnessed a significant increase in popularity, partly attributed to a surge in Gen Z crypto investors who entered the market following the 2024 US presidential election, which saw Donald Trump emerge victorious.
The data reveals a substantial 683% rise in Gen Z users on Bitget in November, leading to this demographic accounting for 53.8% of new users by the end of the month, up from 26.2% in October.
“Trump’s pro-crypto stance during his campaign, where he expressed intentions to establish a national Bitcoin reserve and promote domestic Bitcoin mining, resonated with younger voters. This tech-savvy and financially independent demographic responded by flocking to platforms like Bitget.
In November alone, 844,000 new users under the age of 25 joined Bitget, a stark increase from the 110,000 new users in October.
This shift underscores the impact of political narratives on financial behavior, with market excitement being fueled by FOMO and expectations of favorable crypto policies under the new administration.”
Bitget’s research indicates that Gen Z investors now represent approximately 21% of all crypto investors.
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Image Source: Midjourney