The volume of futures and spot trades on Bitget, a cryptocurrency exchange, exceeded $1.4 trillion and $160 billion in the fourth quarter of 2024, respectively. This represents a significant increase from $658 billion in futures trading volume and $59 billion in spot trading volume in the first quarter of 2023.
The exchange currently has over 25 million users using its trading platform and Web3 Wallet, according to the Q1 2024 report released on April 11.
The exchange said that Several significant advances in cryptocurrency have made Q1 2024 noteworthy. It added, “February saw a robust market recovery, with Bitcoin soaring to unprecedented heights. Together with the buzz around Solana and advancements in the AI [artificial intelligence] sector, this underscored the market’s dynamic nature.”
The exchange listed 186 new tokens during the quarter; post-listing gains of over 1,000% were recorded by the roll-up utility token Altlayer (ALT) and the Solana memecoin Dogwifhat (WIF).
Simultaneously, the native token of the exchange, BGB, experienced a 400% year-over-year gain and shot to an all-time high of $1.38. Currently, the exchange’s BGB market cap is worth $1.8 billion. Bitget intends to introduce a second BWB token by Q2 as the native coin of its Web3 wallet.
Among all centralized exchanges, the exchange’s derivatives market share increased by almost 2.5% in March, according to CCData research.
Researchers stated, that among the top 12 derivatives exchanges, Binance leads with a market share of 47.0% of total volumes in March. Bitget came in second with a dominance of 12.8% and OKX third with a market share of 21.8%.
Simultaneously, the open interest of futures and derivatives on Binance, OKX, and Bitget grew by 37.8%, 34.7% and 104%, respectively, in March 2024.
CCData researchers reported, “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.”
Also Read: Bitget’s MOEW Token Surges with a 14,000% Increase in Value
