Bitget, a popular cryptocurrency exchange, experienced significant growth in the first quarter of 2024, with futures and spot trading volumes reaching $1.4 trillion and $160 billion, respectively. This marks a substantial increase compared to the previous year’s Q1 volumes of $658 billion and $59 billion.
The exchange’s Q1 2024 report, released on April 11, revealed that Bitget now boasts over 25 million users on its trading platform and Web3 wallet. The report highlighted several key developments in the crypto market during this period, including a strong market recovery in February, with Bitcoin reaching unprecedented highs. Additionally, the buzz surrounding Solana and advancements in the AI sector demonstrated the dynamic nature of the market.
Bitget also expanded its token offerings during the quarter, listing 186 new tokens. Two notable tokens, Solana memecoin Dogwifhat (WIF) and rollup utility token Altlayer (ALT), experienced gains of over 1,000% after being listed.
The exchange’s native token, BGB, saw a surge in value, reaching an all-time high of $1.38 and achieving a year-over-year gain of over 400%. Bitget’s market cap, based on the value of BGB, currently stands at $2.6 billion. In the second quarter, the exchange plans to introduce an additional token called BWB, which will serve as the native coin of its Web3 wallet. An airdrop event for this token is currently underway.
According to research from CCData, Bitget experienced significant growth in its derivatives market share, with a 2.5% increase in March. Among the top 12 derivatives exchanges, Binance held the largest market share of 47%, followed by OKX with 21.8%, and Bitget with 12.8%. Additionally, the open interest of futures and derivatives on Binance, OKX, and Bitget grew by 37.8%, 34.7%, and 104% respectively in March 2024.
In January 2024, Bitget made headlines by pledging $10 million to support women-led startups in the Web3 and blockchain industry. This initiative aimed to elevate blockchain knowledge and provide funding opportunities for women, who historically received less than 7% of overall venture funding in the crypto space.
With its growing user base and increasing trading volumes, Bitget continues to solidify its position as a leading cryptocurrency exchange.