Bitget’s Futures Trading Hits $1.4 Trillion in Q1 2024: Report
Bitget experienced significant growth across its trading volumes and user base in the first quarter of 2024, riding the wave of widespread market resurgence.
The Seychelles-headquartered exchange revealed that its futures trading volume soared to around $1.4 trillion, marking a 146% increase, while spot trading volume surged by 113% to exceed $160 billion.
- Bitget saw its most significant growth in derivatives market share in March, with a rise of 2.4%. This enabled it to secure the position of the third-largest derivatives trading platform by volume and marked the first time since December that Bitget had achieved this ranking.
- The platform currently boasts over 25 million users worldwide, according to its Q1 2024 Transparency Report.
- Meanwhile, Bitget’s native token, BGB, had an impressive quarter, as it surpassed 1 in February. Its market capitalization, on the other hand, rose to $1.5 billion.
- Since the beginning of 2023, BGB has delivered 434% gains, even outperforming BTC and establishing itself as a standout performer in the CEX token market.
- Commenting on the cryptocurrency exchange’s performance in the past quarter, Bitget’s Managing Director, Gracy Chen, said,
“This year, Bitget is doubling down on its commitment to enhance our spot market offerings. 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.”
- Throughout the quarter, Bitget revealed listing 186 new tokens, among which Solana meme coin Dogwifhat (WIF) and rollup utility token Altlayer (ALT) stood out and eventually raked in gains of over 1,000%.
- Earlier this year, Bitget announced expanding its team, growing from 1,100 to 1,500 employees.
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