Bitget Token (BGB), the utility token of the Bitget crypto exchange, has achieved a new all-time high, soaring 18% over the past 24 hours. This remarkable performance has occurred even as the broader market faces considerable downturns, solidifying BGB's status as a top-performing coin for 2024.

The token's trading volume has exploded, marking a tenfold increase from under $100 million on December 23 to over $1 billion, as reported by Santiment.

This significant uptick in volume reflects heightened engagement from both buyers and sellers. Typically, a decline in trading volume indicates waning interest, which can halt an asset's upward trajectory. However, the recent surge in BGB's volume suggests sustained demand, potentially supporting an ongoing uptrend.

The Bitget Token briefly reached $6.55 before retreating slightly to $6.40. Despite the minor pullback, all current token holders remain profitable. While some investors may view BGB's new high as a market peak, Santiment's on-chain data challenges this notion.

The Market Value to Realized Value (MVRV) Long/Short Difference suggests robust market health, favoring long-term holders with a positive reading of nearly 320%, indicating a bullish outlook and potential for further gains.

In the daily chart analysis, BGB has consistently formed higher lows and highs, with the Awesome Oscillator (AO) indicating increased bullish momentum. A positive AO reading typically signals a bullish market environment, raising the possibility of the altcoin reaching new heights. If current trends hold, BGB's price could climb beyond its recent peak of $6.58, with a potential surge to $7 or even $10 if bullish conditions persist. However, any significant sell-off by token holders might counteract these gains, potentially driving the price down to $3.64.