The first quarter of 2024 saw a significant increase in demand for complex crypto products due to the crypto bull market. Reports from various exchanges, including Bitget, showed a 100% surge in spot and futures trading transaction volume, exceeding $1.4 trillion and $160 billion, respectively. This growth represents a substantial increase from the previous year, with futures trading volume reaching $658 billion and spot trading volume at $59 billion in Q1 of 2023. Bitget became home to more than 25 million users during this period through its web3 wallet and trading platform. The market saw a robust recovery in February, with Bitcoin reaching unprecedented heights, as well as increased interest in Solana and advancements in the AI sector.
During the first quarter of 2024, Bitget introduced 186 new tokens, such as Dogwifhat (WIF), Solana meme coin, and rollup utility token Altayler (ALT). Altayler experienced a significant pump of over 1,000% after being listed on the exchange. The exchange’s native token, BGB, currently has a valuation of $2.6 billion per BGB capitalization. Research found that Binance led the top 12 derivatives exchanges with a market share of 47.0% of total volumes in March. OKX held a 21.8% market share, while Bitget captured 12.8% of the market. Bitget also recorded the highest increase in derivatives market share, with a growth of 2.4% in March.
Data from CCData indicated a 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 token, BGB, has been trading at $1.34 after gaining 5.51% in the past 24 hours. Since the beginning of 2024, the token has surged by 434%, surpassing the growth of Bitcoin and many other CEX cryptos. The transparency report for Q1 2024 highlighted Bitget’s pivotal role in the recent crypto rally and the exchange’s appeal to millions of users worldwide.
The impact of the crypto rally on centralized exchanges has been significant, with increased interest in complex crypto products and derivatives. Bitget has emerged as a key player in this market, attracting a substantial number of users and introducing new tokens to cater to the growing demand. The exchange’s performance in the first quarter of 2024 reflects a strong market recovery and a dynamic nature characterized by the rise of various cryptocurrencies and tokens. CCData’s analysis of market share and open interest further demonstrates Bitget’s competitiveness and position in the crypto market compared to other centralized exchanges.
Overall, Bitget’s Q1 2024 report showcases the exchange’s impressive growth in trading volumes, user base, and introduction of new tokens during a period marked by a significant crypto rally. The surge in demand for complex crypto products and futures trading indicates a growing interest among investors and traders in this market. With its native token BGB experiencing substantial growth and the market share continuing to increase, Bitget has solidified its position as a key player in the crypto exchange industry. The exchange’s transparency report provides valuable insights into the performance and impact of the crypto rally on the market, highlighting Bitget’s role in facilitating trading activities for millions of users worldwide.
