Amid the cryptocurrency bull market, trading volume exceeded $1.6 trillion.
Cryptocurrency exchange Bitget reported impressive growth in the first quarter of 2024, with futures and spot trading volumes exceeding $1.4 trillion and $160 billion, respectively. This is a significant increase compared to the first quarter of 2023, when futures trading volume was $658 billion and spot trading volume was $59 billion.
Expand your user base and product offerings
Currently, the exchange boasts over 25 million users across its trading platform and Web3 wallet. The first quarter saw several major developments in the cryptocurrency market, including a strong recovery in February that saw Bitcoin reach unprecedented highs. The exchange listed 186 new tokens during the quarter, with notable gains in Solana memecoin Dogwifhat (WIF) and roll-up utility token Altlayer (ALT), both of which posted gains of more than 1,000% since listing.
BGB Token and Future BWB Token
Bitget’s native token, BGB, rose more than 400% year-over-year to hit an all-time high of $1.38. The exchange, currently valued at $2.6 billion based on BGB market cap, plans to launch additional BWB tokens as the default coin for Web3 wallets in the second quarter, and is also running ongoing airdrops for events.
Market share and open interest growth
According to research by CCData, Bitget’s derivatives market share increased nearly 2.5% in March, the highest among all centralized exchanges. Open interest on the exchange for futures and derivatives increased 104% in March, and funding rates increased significantly throughout the month, reflecting positive market sentiment as Bitcoin nears all-time highs. .
Support for female start-ups
Last January, Bitget pledged $10 million to help launch women-led startups in the Web3 and blockchain industries. The initiative aims to close the venture funding gap for female-led cryptocurrency startups, which have received less than 7% of total venture funding, by increasing blockchain knowledge and opening funding pathways for women.
conclusion
Bitget’s significant growth in Q1 2024, along with its expanded product offerings and commitment to supporting diversity in the blockchain industry, positions it as a prominent player in the cryptocurrency market as the exchange continues to evolve.