Bitget exchange volume increased by $1.6T in Q1.
Futures and spot volume at crypto exchange Bitget increased $1.4 trillion and $160 billion in the first quarter, up from $658 million in futures trading volume and $59 billion in spot trading volume in Q1 2023.
In its Q1 2024 report released on April 11, the exchange now has more than 25 million users on its trading platform and Web3 wallet. “Q1 2024 has been notable for several key developments in crypto,” the exchange wrote: “February saw a strong market recovery, with Bitcoin soaring to unprecedented heights. With the buzz around Solana and advances in AI [artificial intelligence] This sector highlights the dynamics of the market.
During the quarter, the exchange listed 186 new tokens, with Solana memecoin Dogwifhat (WIF) and bundle utility token Altlayer (ALT) witnessing over 1,000% post-listing gains.
At the same time, the exchange's home token, BGB, rose to an all-time high of $1.38 and gained more than 400% year-over-year. The value of the transaction is currently $2.6 billion in BGB market value. In Q2, Bitget plans to release an additional BWB token as a native coin of Web3 Wallet. An airdrop for the event is currently underway.
The exchange's derivatives market share grew by about 2.5% in March, the highest among all centralized exchanges, according to a survey by CCData. “Among the top 12 derivatives exchanges, Binance leads with a total market share of 47.0% in March,” researchers said. This was followed by OKX with 21.8% market share and Bitget with 12.8%.” At the same time, open demand for futures and derivatives on Binance, OKX and Bitget grew by 37.8%, 34.7% and 104%, respectively, in March 2024. CCData researchers said: He said.
“In the three exchanges analysed, funding rates increased significantly before leveling off at the beginning of the month, as market sentiment remained positive as bitcoin reached all-time highs. Funding on the exchanges was positive throughout the month, steadily increasing, reflecting the market's It highlights the benefits.
On January 16, Cointelegraph reported that BitGate has pledged $10 million to start up women-led startups in the Web3 and blockchain industry. At the time, Bitgate staff said the move was to “raise blockchain awareness and open funding avenues for women,” after revealing that female-led crypto startups received less than 7% of overall venture funding.
Related: Bitget Surpasses 20M Users as Wallet Integration Boosts Transaction Volumes
