Crypto exchange Bitget has released its report for the first quarter of 2024. According to the report, the exchange recorded massive growths in trading volume, recording above $1.6 trillion in the first quarter. The exchange noted that its futures trading volume hit $1.4 trillion while its spot volume registered about $160 million.
Bitget registers over $1.6 trillion in trading volume
The exchange saw a massive rise in both Futures and spot trading volumes compared to last year. In comparison, it registered a $717 billion cumulative trading volume in Q1 2023. The exchange also reported that its user base on the exchange and those using its Web3 wallet have reached above 25 million. The exchange also noted the developments in Q1 2024 in the crypto market, with Bitcoin hitting an unprecedented level in February.
Aside from Bitcoin’s bullish momentum, it highlighted Solana memecoins and the buzz in the artificial intelligence (AI) industry. The report noted that all these developments stress the nature of the cryptocurrency market. The exchange also experienced a rise in some listed tokens in Q1 with Solana-based memecoin Dogwifhat and rollup utility token Altlayer registering a rise of over 1,000%.
In the same period, the exchange’s native token BGB recorded a massive surge to hit a new all-time high of $1.38. Bitget’s BGB token currently boasts a market cap of $1.9 billion with the exchange in the midst of rolling out a native token BWB for its Web3 wallet. According to the exchange, it is currently hosting an airdrop for the token.
Key developments and market dynamics
According to data released by CCData, Bitget registered a massive increase of 2.5% in its derivatives market share in March. The research firm noted that it was the largest among centralized exchanges for the month. However, among all derivatives exchanges, the firm noted that Binance took the top spot, registering a market share volume of 47% in March. OKX followed in second place with a market share of 21.8% while Bitget registered a market share of 12.8%.
Bitget, on January 16, announced a pledge of $10 to support women-led startups in the crypto industry. At the period, a company staff noted that the move was undertaken to increase blockchain knowledge among women and provide access to funding avenues for women in the sector. The executive noted that women-led startups have received less than 7% of overall venture funding in the industry.
