Bitget Exchange Surpasses $1.4 Trillion in Futures and $160 Billion in Spot Volume in Q1 2024
Bitget, a prominent cryptocurrency exchange, has reported significant growth in trading volume during the first quarter of 2024, with futures and spot trading volumes exceeding $1.4 trillion and $160 billion, respectively.
The exchange, which now boasts more than 25 million users, highlighted key developments in the crypto market in its Q1 report, including a robust market recovery in February and the growing popularity of tokens like Solana and advancements in artificial intelligence (AI).
During the quarter, Bitget listed 186 new tokens, with notable gains observed for tokens like Solana’s meme coin Dogwifhat (WIF) and rollup utility token Altlayer (ALT), both experiencing over 1,000% gains post-listing. Additionally, Bitget’s native token, BGB, surged to an all-time high of $1.38, marking a remarkable 400% year-over-year increase in value, leading to a market cap of $2.6 billion.
Looking ahead, Bitget plans to introduce an additional BWB token as the native coin of its Web3 wallet in the second quarter, with an ongoing airdrop event.
READ MORE: Solana Price Dips – Whales Transfer SOL Worth $1.325 Billion
Research from CCData revealed that Bitget’s derivatives market share grew by nearly 2.5% in March, positioning it as one of the top exchanges in the derivatives market alongside industry giants like Binance and OKX.
The open interest of futures and derivatives on Bitget experienced a significant increase of 104% in March 2024, reflecting growing market demand and positive market sentiment.
In a bid to promote diversity and inclusion in the blockchain industry, Bitget pledged $10 million to support women-led startups in the Web3 space, aiming to address the gender gap in venture funding and elevate blockchain knowledge among women-led initiatives.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
