Bitget Exchange Surpasses $1.6T Trading Volume in Q1
In the first quarter of 2024, crypto exchange Bitget witnessed a significant growth in futures and spot trading volume, surpassing $1.4 trillion and $160 billion, respectively. This marked a substantial increase compared to the previous year’s Q1 volume of $658 billion in futures and $59 billion in spot trading. Bitget’s Q1 report revealed that the exchange now boasts over 25 million users on its trading platform and Web3 wallet.
The exchange highlighted several key developments in the crypto market during Q1 2024. In February, there was a strong market recovery with Bitcoin reaching unprecedented heights. The buzz around Solana and advancements in the AI sector showcased the dynamic nature of the market.
Bitget also made significant progress by listing 186 new tokens during the quarter. Two of these tokens, Dogwifhat (WIF) and Altlayer (ALT), experienced gains of over 1,000% after being listed. Bitget’s native token, BGB, reached an all-time high of $1.38, recording a year-over-year gain of over 400%. The exchange currently holds a market cap of $2.6 billion.
For the upcoming quarter, Bitget plans to introduce an additional native coin called BWB for its Web3 wallet. To celebrate the launch, the exchange is conducting an ongoing airdrop event.
CCData researchers found that Bitget witnessed a growth of nearly 2.5% in its derivatives market share in March, the highest among all centralized exchanges. Binance, with a market share of 47.0%, led the pack, followed by OKX with 21.8% and Bitget with 12.8% dominance. The open interest of futures and derivatives on Binance, OKX, and Bitget saw increases of 37.8%, 34.7%, and 104%, respectively.
Researchers from CCData also observed that funding rates on the three exchanges reached new highs before declining to levels seen at the start of the month. The positive funding rate throughout the month reflected the leveraged nature of the market and the optimistic sentiment as Bitcoin approached its all-time high.
Notably, Bitget had previously committed $10 million to support women-led startups in the Web3 and blockchain industry. The exchange aimed to promote blockchain knowledge and create funding opportunities for women, as they received less than 7% of overall venture funding in the crypto startup space.
10 thoughts on “Bitget Exchange Surpasses $1.6T Trading Volume in Q1”
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The upcoming launch of a new native coin, BWB, is something to look forward to. Exciting times ahead for Bitget!
The positive funding rate and optimistic sentiment reflect the market’s confidence as Bitcoin nears its all-time high.
The positive funding rate on Bitget, Binance, and OKX shows the optimism and confidence in the market. 🌟
It’s amazing to see the dynamic nature of the crypto market with advancements in AI and the buzz around Solana.
Yes, it’s great that Bitget witnessed growth in its derivatives market share, but how does it compare to other exchanges in terms of overall market dominance?
Committing $10 million to support women-led startups is commendable, but why focus on a specific gender instead of supporting all startups equally?
Binance leading the pack in market share, but Bitget’s 12.8% dominance is nothing to scoff at! 💪
Bitget’s growth in derivatives market share is impressive. They’re definitely making their mark in the industry!
Despite the growth in volume, is Bitget prepared to handle potential security risks and protect its users’ assets?
I’m impressed by the progress and achievements of Bitget. They’re really making a name for themselves in the crypto world.