Bitget Reports Surging Growth in Q1 2024, Crosses 25 Million Users

With a significant increase from the first quarter of 2023, Bitget, a reputable crypto exchange, has achieved remarkable growth in its futures and spot trading volume in the first quarter of 2024. Compared to the previous year, it boasts over 25 million users and a substantial increase in the number of listed tokens, with some witnessing impressive post-listing gains.

Bitget Reports Stellar Growth in Q1 2024, Surpasses 25 Million Users

SINGAPORE, April 11, 2024 - Leading global cryptocurrency exchange Bitget has released its Q1 2024 report, showcasing remarkable growth across key metrics, including a significant surge in futures and spot trading volume.

Surge in Trading Volume

The exchange's futures and spot trading volume reached record highs during the first quarter of 2024. Futures trading volume surpassed $1.4 trillion, while spot trading volume reached $160 billion. These figures represent a substantial increase from Q1 2023, where futures trading volume stood at $658 billion and spot trading volume was $59 billion.

Expanding User Base

Bitget's user base has also grown significantly, with the platform now boasting over 25 million users through its trading platform and Web3 wallet. The exchange attributes this growth to its commitment to providing a user-friendly and secure trading experience, as well as its support for a wide range of cryptocurrencies and trading pairs.

Key Market Developments

According to Bitget's Q1 2024 report, the crypto market experienced several notable developments during the quarter. The exchange highlights the robust market recovery in February, with Bitcoin reaching unprecedented highs. The surge in activity around Solana and advancements in artificial intelligence also contributed to the market's dynamic nature.

New Token Listings and Token Performance

During the quarter, Bitget listed 186 new tokens, including Solana memecoin Dogwifhat (WIF) and rollup utility token Altlayer (ALT). Both tokens experienced significant gains post-listing, with WIF and ALT witnessing increases of over 1,000%.

Native Token Performance and Expansion

Bitget's native token, BGB, also performed strongly during the quarter, reaching an all-time high of $1.38 and delivering a gain of over 400% year-over-year. The exchange's current market capitalization based on BGB is $2.6 billion. Bitget plans to introduce an additional token, BWB, as the native coin for its Web3 wallet in Q2. An airdrop for BWB is currently underway.

Derivatives Market Share and Open Interest

Bitget's derivatives market share grew significantly in Q1 2024, reaching nearly 2.5% in March, the highest among all centralized exchanges. This growth is attributed to the exchange's competitive trading fees and comprehensive derivatives offerings.

The open interest of futures and derivatives on Bitget experienced a surge of 104% in March 2024, reflecting the increasing demand for leveraged trading in the crypto market. Funding rates across the top derivatives exchanges remained positive, indicating strong market sentiment and bullish expectations.

Support for Women-Led Startups

On January 16, 2024, Bitget announced a $10 million pledge to support women-led startups in the Web3 and blockchain industry. This initiative aims to empower women and promote diversity in the crypto ecosystem, as women-led startups historically receive a disproportionately low share of venture funding.

Conclusion

Bitget's Q1 2024 report highlights the exchange's continued growth and market leadership. The surge in trading volume, expanding user base, and strong token performance demonstrate the platform's position as a trusted and reliable destination for cryptocurrency enthusiasts.