I think the main competitor of the main exchange at the moment is bybit but if bitget is there then this is a good thing, we will have many choices to use a decent exchange, and everyone will not choose 1 exchange all the time.
The OP is actually talking about Exchange tokens. I think bybit coin is MNT (Mantle) which is used for transaction fees on ETH Layer 2. But with that, $BGB outperformed it.
If $BGB could achieve 200% in that period of time without having Its on Blockchain yet, there is surely more to come and this will make it exchange be a very strong competitor with other top exchanges when that happens.
The potential of exchange tokens largely depends on the success and growth of the respective platforms.
And from here, it relates to what I've said earlier. $BGB has higher potential because there is still more development coming to give the token more purpose/usefulness.