Bitget, a crypto exchange, experienced significant growth in futures and spot trading volume during the first quarter of 2024. The volume reached over $1.4 trillion for futures trading and $160 billion for spot trading, compared to $658 billion and $59 billion in the same period of 2023. In addition, Bitget now boasts more than 25 million users on its trading platform and Web3 wallet.
The exchange’s Q1 2024 report highlighted several key developments in the crypto market. In February, Bitcoin reached unprecedented heights, leading to a market recovery. The buzz surrounding Solana and advancements in the AI sector also showcased the dynamic nature of the market.
During the quarter, Bitget listed 186 new tokens, including the Solana memecoin Dogwifhat (WIF) and the rollup utility token Altlayer (ALT), both of which saw gains of over 1,000% post-listing.
Bitget’s native token, BGB, experienced a surge, reaching an all-time high of $1.38 and a year-over-year gain of over 400%. The exchange’s market cap is currently valued at $2.6 billion. Bitget plans to launch an additional native coin, BWB, for its Web3 wallet in Q2, and an airdrop is currently taking place to celebrate the event.
According to research from CCData, Bitget’s derivatives market share grew by nearly 2.5% in March, surpassing other centralized exchanges. Binance, OKX, and Bitget dominated the derivatives market, with Binance leading with a market share of 47%, followed by OKX with 21.8%, and Bitget with 12.8%. The open interest of futures and derivatives on these exchanges also experienced significant growth in March 2024, with increases of 37.8%, 34.7%, and 104% for Binance, OKX, and Bitget, respectively.
In an effort to support women in the Web3 and blockchain industry, Bitget pledged $10 million to fund women-led startups. This initiative aims to increase blockchain knowledge and provide funding opportunities for women, who currently receive less than 7% of overall venture funding.
Bitget’s user base has surpassed 20 million, thanks to the integration of its wallet, which has led to increased trading volumes.