In the first quarter of 2024, the trading volume of futures and spot on crypto exchange Bitget exceeded $1.4 trillion and $160 billion, respectively. This represents a significant increase from the trading volume of $658 billion in futures and $59 billion in spot trading in the first quarter of 2023.
According to the exchange’s Q1 2024 report, which was released on April 11, Bitget now has over 25 million users on its trading platform and Web3 wallet. The report highlighted some key developments in the crypto market during the first quarter, including the market recovery in February and the surge in the value of Bitcoin. The excitement around Solana and advancements in the AI sector also contributed to the dynamic nature of the market.
During the quarter, Bitget listed 186 new tokens, with notable gains seen by Solana memecoin Dogwifhat (WIF) and rollup utility token Altlayer (ALT), both of which witnessed gains of over 1,000% after being listed.
Meanwhile, Bitget’s native token, BGB, reached an all-time high of $1.38, marking a year-over-year gain of over 400%. The exchange currently has a market cap of $2.6 billion based on its BGB token. In the second quarter, Bitget plans to introduce an additional token called BWB as the native coin of its Web3 wallet, and an airdrop event is currently underway.
Research from CCData revealed that Bitget’s derivatives market share grew by nearly 2.5% in March, making it the highest among all centralized exchanges. Binance led the pack with a market share of 47.0%, followed by OKX with 21.8%, and Bitget with 12.8%. Additionally, the open interest of futures and derivatives on Binance, OKX, and Bitget increased by 37.8%, 34.7%, and 104%, respectively, in March 2024, as noted by CCData researchers.
In January 2024, Bitget made headlines when it pledged $10 million to support women-led startups in the Web3 and blockchain industry. The exchange aimed to promote blockchain knowledge and provide funding opportunities for women, as it recognized that women-led crypto startups received less than 7% of overall venture funding.
With its growing user base and trading volumes, Bitget continues to make significant strides in the crypto exchange industry.