Volume Surpasses $1.6 Trillion Amid Crypto Bull Market
Bitget, a cryptocurrency exchange, has reported impressive growth in the first quarter of 2024, with futures and spot volume exceeding $1.4 trillion and $160 billion, respectively. This marks a significant increase from Q1 2023, where futures trading volume was $658 billion and spot trading volume was $59 billion.
Expanding User Base and Product Offerings
The exchange now boasts over 25 million users across its trading platform and Web3 wallet. The first quarter saw several key developments in the crypto market, including a robust recovery in February, with Bitcoin reaching unprecedented highs. The exchange listed 186 new tokens during the quarter, with notable gains in Solana memecoin Dogwifhat (WIF) and rollup utility token Altlayer (ALT), both witnessing gains of over 1,000% post-listing.
BGB Token and Upcoming BWB Token
Bitget’s native token, BGB, reached an all-time high of $1.38, with a year-over-year gain of over 400%. The exchange, currently valued at $2.6 billion based on its BGB market cap, plans to roll out an additional BWB token as the native coin of its Web3 wallet in Q2, with an ongoing airdrop for the event.
Market Share and Open Interest Growth
Research from CCData indicates that Bitget’s derivatives market share grew by nearly 2.5% in March, the highest among all centralized exchanges. The exchange’s open interest in futures and derivatives grew by 104% in March, with funding rates increasing significantly throughout the month, reflecting positive market sentiment as Bitcoin neared its all-time high.
Support for Women-Led Startups
In January, Bitget pledged $10 million to help kickstart women-led startups in the Web3 and blockchain industry. This initiative aims to elevate blockchain knowledge and open up funding avenues for women, addressing the gap in venture funding for women-led crypto startups, which received less than 7% of overall venture funding.
Conclusion
Bitget’s substantial growth in Q1 2024, along with its expanding product offerings and commitment to supporting diversity in the blockchain industry, positions the exchange as a prominent player in the crypto market as it continues to evolve.
