Bitget exchange volume topped $1.6T in Q1

In the opening three months of this year, the total futures and spot transaction value on crypto platform Bitget reached an impressive $1.4 trillion and $160 billion. This represents a significant surge from the $658 billion in futures trading and $59 billion in spot trading recorded during Q1 of 2023.

Based on its Q1 2024 report published on April 11, the exchange now boasts over 25 million users via its trading platform and Web3 wallet. The exchange stated, “Q1 2024 was marked by significant advancements in crypto.” February witnessed a strong market rebound, with Bitcoin reaching new peaks. Additionally, the excitement surrounding Solana and progress in AI technology highlighted the ever-evolving nature of the crypto market.

In the last three months, a total of 186 new cryptocurrencies were introduced on the exchange. Among these new additions, Solana’s meme token Dogwifhat (WIF) and Altlayer (ALT), which are a meme coin and a rollup utility token respectively, experienced remarkable growth with over 1,000% increase in value following their listing.

Bitget exchange volume topped $1.6T in Q1

Simultaneously, the value of Bitget’s native token, BGB, reached a new peak of $1.38 and experienced a massive year-over-year increase of over 400%. With a market capitalization of $2.6 billion, the exchange is currently highly valued. In the second quarter, Bitget intends to introduce an extra token named BWB as the native currency for its Web3 wallet. An airdrop for this launch is ongoing at present.

Based on CCData’s findings, the derivatives market share of Binance increased by approximately 2.5 percentage points more than any other centralized exchange in March. With a market dominance of around 47.0%, Binance was the clear frontrunner amongst the top 12 derivatives exchanges. OKX came in second place with a 21.8% market share, while Bitget claimed a substantial 12.8%. Moreover, open interest for futures and derivatives on Binance, OKX, and Bitget expanded significantly in March 2024 – by 37.8% for Binance, 34.7% for OKX, and an impressive 104% for Bitget.

“Across the three exchanges analyzed, funding rates increased significantly to new highs before falling to levels at the beginning of the month, as the market sentiment remained positive with Bitcoin nearing its all-time high. The funding rate on the exchanges was positive throughout the month, increasing steadily, highlighting the leverage in the market.”

On January 16th, CryptoMoon announced that Bitget committed $10 million to support the launch of women-led businesses in the Web3 and blockchain sector. According to Bitget team, this initiative aimed to “boost women’s expertise in blockchain technology and create financing opportunities” since statistics showed that fewer than 7% of crypto startups with female leadership received venture capital investment.

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2024-04-11 13:22