The native assets of crypto exchange Bitget (BGB) are approaching a market cap of nearly $8 billion after the token surprisingly sparked an 844% rally in 2024.
According to current data, BGB is trading at $5.64 at the time of writing, up 15% over the last 24 hours.
Launched in 2021, BGB is designed to increase community engagement and streamline trading operations within the Bitget ecosystem.
According to a recent report by Bitget, the exchange’s popularity soared, partly due to a rise in the number of crypto buyers from Generation Z, 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, increasing the demographic share of new users on the platform from 26.2% in October to 53.8% at the end of November.
“Trump’s pro-crypto rhetoric during his campaign, including promises to establish a national Bitcoin reserve and encourage domestic Bitcoin mining, resonated with younger voters. This target group, known for its technical knowledge and interest in financial autonomy, responded by flocking to platforms like Bitget.
A total of 844,000 new users under the age of 25 joined Bitget in November, a dramatic increase from the 110,000 registered in October.
The shift highlights the influence of political narratives on financial behavior, with market enthusiasm fueled by fear of missing out (FOMO) and expectations of favorable crypto policies under the new administration.”
Bitget’s research shows that Gen Z users now make up about 21% of all crypto investors.
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Generated image: Midjourney