Leading crypto exchange Bitget announces strategic partnership with TRON blockchain, investing $10M in TRX tokens, while its native token BGB achieves record-breaking performance.
Leading digital asset trading platform Bitget has announced a partnership with TRON DAO, a prominent Layer-1 blockchain created by crypto entrepreneur Justin Sun. Through a strategic collaboration, the Seychelles-based exchange also acquired a whopping $10 million in TRX, the tenth-biggest cryptocurrency by market capitalization.
The Tron blockchain expands its dominance in the digital asset space with the partnership with Bitget, with Sun stating that the goal is to “empower developers, foster further growth, and make TRON more accessible for everyone.” Notably, at the time of writing, the network is the third-largest blockchain in terms of total value locked (TVL), which stands at $7.57 billion, as per DefiLlama data.
Tron has already processed more than 9 million transactions since inception, largely because it charges very little in fees for a single transaction. According to IntoTheBlock data, the fees paid for a single transaction stand at 1.21 TRX, with each token trading at a price of $0.2506.
Owing to the nominal costs and quick confirmations, along with the easy deployment of meme coin projects on the blockchain, the daily active addresses on the blockchain have been increasing since July 2023. As of December 16th, Tron had 2.87 million active addresses with $197.6K new addresses.
According to CoinMarketCap, TRX is trading at $0.2521, representing an 8.43% 24-hour decline and sitting 42.89% below its December 3 all-time high of $0.4407. The token maintains a $21.76 billion market capitalization, and while showing 24.02% monthly gains, it has recorded an 18.19% decline over the past week.
Bitget Token (BGB) Hits New ATH
Bitget remains the sixth-largest crypto exchange by volume, with $10.1 billion being traded in the last 24 hours. On the other hand, the centralized exchange ranks 3rd in terms of derivatives volume, with a whopping $63.27 billion being traded in the past day. Additionally, the native token of the CEX, BGB, is trading at $4.32, up 0.88% in the past 24 hours, with a market capitalization of $5.87 billion.
BGB made a new all-time high at $4.88 about 11 hours ago, and in the last seven days alone, the Bitget Token (BGB) has surged 29.56% while skyrocketing 216.66% in the past month. Since December last year, the cryptocurrency has printed massive gains of 553.05%, outperforming the majority of blue-chip digital assets.
Source: TradingView
As seen in the image above, the Relative Strength Index (RSI) for BGB reads a value of 88.30, which means that the bulls remain in control of the cryptocurrency’s price action, and the gradient of the line suggests a slight cool-down period. BGB is overbought at publication time, and a correction can be expected in the near future.
next