Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. The report highlighted a 100% increase in both spot and futures trading volumes compared to previous quarters, along with a significant rise in the value of its platform native token, BGB.
Bitget Reports Growth in Q1 2024 Transparency Report
According to the report, Bitget's futures trading volume reached approximately $1.4 trillion, an escalation of 146% from the previous quarter. The exchange witnessed the highest increase in derivatives market share, with a growth of 2.4% in March alone. The spot trading volume also saw a substantial uplift of 113%, surpassing $60 billion in Q1 2024.
According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry. In March, spot volumes for the largest cryptocurrency exchanges grew 119% compared to the previous year and over 100% compared to February.
Bitget's user base has expanded significantly, now serving over 25 million usersacross 100+ countries and regions.
"This year, Bitget is doubling down on its commitment to enhance our spot market offerings,” Gracy Chen, the Managing Director of Bitget, commented. “We aim not only to bolster our market position but also to contribute tremendously to the broader crypto ecosystem, supporting startups with high potential to grow."
Thanks @CryptoSlate for featuring us.???? Proud to become the world's largest #crypto copy trading platform!???? With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.Explore our latest achievements ????
— Bitget (@bitgetglobal) April 11, 2024
Bitget Bets on Its Crypto Token
The platform's native token, BGB, had a really good run last quarter, breaking its all-time high and surpassing the $1 mark in February. Since the beginning of 2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishing itself as a top performer among centralized exchange tokens.
Currently, it is one of the 70 largest cryptocurrencies, with a market capitalization of over $1.8 billion and a daily trading volume of $81 million. Binance exchange's BNB token has a market capitalization of $89 billion.
Bitget's listing strategy led to the introduction of 186 new tokens in the first quarter, expanding its offerings to over 750 tokens and 820 spot trading pairs. Several tokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surging over 3000%.
According to the latest exchange report, more people are trading cryptocurrencies in Europe. In Germany alone, the number of traders has escalated 69% over the year.
In the meantime, Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its global expansion.
This article was written by Damian Chmiel at www.financemagnates.com.
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