The Bitget token price continued to rise this week even as the Santa Claus rally in the crypto industry continued to fail.
Bitget Token (BGB) jumped to a high of $4.97, meaning it is up over 470% from its low this year.
It is unclear why this increase has occurred, but it is likely due to the growing market share in the crypto industry. Data from CoinGecko shows it has become the eighth-largest exchange in the industry with over $91 billion in trading volume last month.
On-chain data shows that the BGB price surge has led to some fear of missing out as the number of active addresses increases. 30-day active addresses rose to nearly 200 from less than 100 in October.
The MVRV indicator for Bitget token price is rising
There are a few reasons why BGB price could decline in the coming days. First, there are signs that it has moved into the markup phase of the Wyckoff method. This phase follows a long accumulation phase, which in this case lasted over two years. It is usually characterized by supply exceeding demand, followed by distribution and discounting.
Second, data from IntoTheBlock shows that market value relative to realized value rose to 9.83, a record high. This is a popular indicator that compares a cryptocurrency’s market value and its realized value and then finds its standard deviation.
As we wrote about Bitcoin, An asset is considered overbought when the MVRV indicator rises above 3.8. In the case of BGB, this value has risen to 9.83, meaning it is extremely overbought, which…
