In Q4 2024, the value of both futures and spot transactions on Bitget, a cryptocurrency exchange, surpassed $1.4 trillion for futures and $160 billion for spots. This is a substantial jump from the $658 billion in futures trading and $59 billion in spot trading recorded in Q1 2023.
— Bitget (@bitgetglobal) April 11, 2024
Approximately 25 million people utilize the trading platform and Web3 Wallet of the current exchange, based on the data from the Q1 2024 report published on April 11.
In Q1 2024, cryptocurrency markets experienced notable progress with several key developments. The market bounced back strongly in February, pushing Bitcoin to new record highs. Additionally, the excitement surrounding Solana and advancements in AI technology highlighted the market’s ever-changing nature.
During the past quarter, 186 new tokens were added to the exchange’s listings. Notably, the utility token Altlayer (ALT) from the roll-up, and the memecoin Dogwifhat (WIF) on the Solana platform, experienced remarkable growth with over 1,000% increase in value post-listing.
At the same time, the value of Bitget’s native token, BGB, surged by 400% compared to the previous year and reached an all-time peak of $1.38. The current market capitalization of BGB on Bitget is estimated to be around $1.8 billion. By the second quarter, Bitget plans to launch a new token named BWB, which will serve as the native currency for its Web3 wallet.
According to CCData’s research, the derivatives market share of this particular centralized exchange grew by approximately 2.5 percentage points in March when compared to other exchanges.
In March, Binance held the largest position among the top 12 derivatives exchanges, accounting for approximately 47.0% of the total trading volumes. Bitget followed closely with a market share of around 12.8%, and OKX claimed the third spot with a share of about 21.8%.
In March 2024, the open interest for futures and derivatives on Binance, OKX, and Bitget expanded by approximately 38% for Binance, 35% for OKX, and a significant 104% for Bitget all at once.
CCData’s research team found that funding rates climbed to new peaks and then retreated to their initial monthly levels across the three examined exchanges. This trend occurred as the Bitcoin market stayed optimistic with the cryptocurrency approaching its record high. The entire month saw positive funding rates, which grew consistently, signifying a high level of market leverage.
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2024-04-11 15:32