Bitget Reports Massive Growth in Q1 2024; Plans New Coin Launch and Supports Women-led Startups
Summary:
Bitget, a cryptocurrency exchange, reported significant growth in the first quarter of 2024, with futures and spot volumes reaching $1.4 trillion and $160 billion, respectively. The platform now hosts over 25 million users and is valued at $2.6 billion. In the derivatives market, Bitget's share increased by almost 2.5% in March, outperforming all centralized exchanges. Additionally, Bitget is set to launch a new native coin for its Web3 wallet in Q2 and has committed $10 million to support women-led start-ups in the Web3 and blockchain industry.
In Q1 of 2024, Bitget, a cryptocurrency exchange, saw a considerable leap in both futures and spot volume, reaching $1.4 trillion and $160 billion respectively. This uptick from Q1 2023's $658 billion in futures trading volume and $59 billion in spot trading volume was revealed in Bitget's Q1 report on April 11, which also noted that the platform boosts a user base of over 25 million across its trading platform and Web3 wallet. The report called attention to key market trends in Q1, including a strong market recovery in February that saw Bitcoin reaching new highs, spurring excitement around Solana and advancements in artificial intelligence, emphasising the market's dynamism.
A total of 186 new tokens were introduced to the exchange during the quarter, notable examples being the Solana memecoin Dogwifhat (WIF) and the rollup utility token Altlayer (ALT) which both saw gains surpassing 1,000% after listing. Over the same period, Bitget's native token, BGB, reached a record-breaking high of $1.38, marking a growth of over 400% year-on-year. Bitget's current valuation is based on its BGB market cap of $2.6 billion. By Q2, Bitget anticipates launching an additional native coin, BWB, for its Web3 wallet, and is conducting an airdrop in preparation for this launch.
CCData's research highlighted Bitget's growth in the derivatives market, with a nearly 2.5% increase in market share in March, outperforming all other centralized exchanges. The top 12 derivatives exchanges remain led by Binance with a market share of 47.0% in total volumes in March, followed by OKX at 21.8% and Bitget at 12.8%. Furthermore, the open interest of futures and derivatives on Binance, OKX, and Bitget rose by 37.8%, 34.7%, and 104% respectively in March 2024. CCData researchers remarked, "Throughout March, the exchanges experienced a consistent rise in funding rates to record levels, indicative of ongoing positive market sentiment as Bitcoin neared its all-time high."
Bitget announced in January that it dedicated $10 million to facilitate the growth of women-led start-ups in the Web3 and blockchain sector. Bitget made this commitment in order to "enhance blockchain literacy and make funding more accessible for women.” This pledge came after an observation that less than 7% of all venture funding went towards female-led cryptocurrency start-ups.
Published At
4/11/2024 1:00:00 PM
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