Bitget Reports Q1 Trading Volume Exceeding $1.6 Trillion During Crypto Market Rally

Overview of Q1 2024 Crypto Market Trends

The first quarter of 2024 witnessed a significant surge in demand for complex crypto products driven by the ongoing crypto bull market. Various exchanges reported notable increases in trading volumes and market activities during this period.

Bitget’s Performance in Q1 2024

Bitget’s Q1 2024 Report revealed a remarkable 100% surge in both spot and futures trading transaction volumes. The spot trading volume exceeded $1.4 trillion, while futures trading volume reached $160 billion, showcasing substantial growth compared to the figures from Q1 2023.

Bitget’s User Base and Market Expansion

During the first quarter, Bitget attracted over 25 million users to its web3 wallet and trading platform. The market saw a significant recovery in February, marked by Bitcoin’s unprecedented surge and the growing interest in assets like Solana. Bitget’s introduction of 186 new tokens, including Dogwifhat (WIF) and Altayler (ALT), further contributed to the market’s dynamism.

Market Share and Performance

Bitget’s native token, BGB, currently holds a market capitalization of $2.6 billion. In terms of derivatives market share, Binance led with a 47.0% share in March, followed by OKX at 21.8% and Bitget at 12.8%. The exchange’s performance in futures contracts and derivatives market share has been notable, with a 34.7% share in March.

Impact on Centralized Exchanges

CCData highlighted the growth in open interest for derivatives and futures contracts, with Binance, Bitget, and OKX leading the market. Bitget’s BGB token has shown significant growth, trading at $1.34 and surging by 434% since the beginning of 2024.