Bitget cryptocurrencycurrency exchange saw more over $1.4 trillion in futures and $160 billion in spot trading volume in the Q4 of 2024. This marks a considerable increase from $658 billion in futures trading volume and $59 billion in spot trading activity in Q1 2023.
According to the Q1 2024 report released on April 11, the exchange’s trading platform and Web3 Wallet are currently used by more than 25 million customers.
The exchange stated that several key breakthroughs in bitcoin have made the first quarter of 2024 memorable. It said, “February saw a vigorous market recovery, with Bitcoin reaching new heights. Together with the buzz about Solana and improvements in the AI [artificial intelligence] industry, this highlighted the market’s dynamic nature.”
During the quarter, the exchange published 186 new tokens; the roll-up utility token Altlayer (ALT) and the Solana memecoin Dogwifhat (WIF) achieved post-listing rises of more than 1,000% each.
Simultaneously, the exchange’s native token, BGB, increased 400% year over year and reached an all-time high of $1.38. Currently, the exchange’s BGB market capitalization is $1.8 billion.
According to CCData analysis, the exchange’s derivatives market share climbed by over 2.5% compared to other centralized exchanges in March.
According to researchers, Binance tops the top 12 derivatives exchanges in terms of market share, accounting for 47.0% of total volumes in March. Bitget came in second with a 12.8% market share, while OKX followed in third with 21.8%.
Simultaneously, the open interest in futures and options on Binance, OKX, and Bitget increased by 37.8%, 34.7%, and 104% in March 2024.
CCData researchers observed, “Across the three exchanges evaluated, financing rates surged dramatically to new highs before falling to levels at the beginning of the month, as market sentiment remained strong, with Bitcoin approaching its all-time high. The funding rate on the exchanges remained positive throughout the month, slowly growing, reflecting market leverage.
