The first quarter of 2024 saw a significant increase in demand for complex crypto products due to the crypto bull market, as reported by various exchanges. Bitget’s Q1 2024 Report indicated a 100% surge in spot and futures trading transaction volume, reaching $1.4 trillion and $160 billion, respectively. This marked a substantial growth from the previous year, with futures trading volume at $658 billion and spot trading volume at $59 billion in Q1 2023. Bitget became home to over 25 million users during this period through its web3 wallet and trading platform, with the market experiencing robust growth in February as Bitcoin reached new heights alongside the buzz around Solana and advancements in the AI sector. In Q1 2024, the exchange introduced 186 new tokens, including Dogwifhat (WIF), Solana meme coin, and rollup utility token Altayler (ALT) which saw a significant pump of over 1,000% post-listing.
Additionally, the exchange’s native token, BGB, currently has a valuation of $2.6 billion per BGB capitalization. Research showed that in the derivatives market, Binance led with a market share of 47.0% of total volumes in March, followed by OKX with 21.8% and Bitget with 12.8%. The impact of the crypto rally was noted in the growth in open interest for derivatives and futures contracts, with Binance at 37.7%, Bitget at 34.7%, and OKX at 10.4%. The derivatives market share had increased by 2.5% in March, the highest among centralized exchanges (CEX). Bitget’s native BGB token was trading at $1.34 after gaining 5.51% in the past 24 hours, experiencing a surge of 434% since the start of 2024, outperforming Bitcoin and many other CEX cryptos.
In terms of transparency and user base, Bitget now serves 25 million users worldwide, with futures trading volume increasing by 146% to $1.4 trillion and spot trading also rising by 100% in Q1 2024. The exchange recorded the highest increase in derivatives market share, with a growth of 2.4% in March. The market exchange introduced 186 new tokens during this period, including Dogwifhat (WIF), Solana meme coin, and rollup utility token Altayler (ALT), which saw a significant price increase of over 1,000% post-listing. Bitget attributed the market recovery and dynamic nature during this time to the surge in trading activity and the introduction of new token offerings.
CCData observed significant growth in open interest for derivatives and futures contracts, with Binance leading at 37.7%, Bitget at 34.7%, and OKX at 10.4%. The derivatives market share saw a 2.5% increase in March, the highest among centralized exchanges. Bitget’s native token, BGB, was trading at $1.34 after a 5.51% gain in the past 24 hours, marking a 434% surge since the beginning of 2024. The overall impact of the crypto rally on centralized exchanges was evident in the increased trading volumes, market share, and interest in complex crypto products. Bitget’s performance in Q1 2024 highlighted its growth in user base and trading volume, positioning it as a key player in the evolving crypto market landscape.
