During the first quarter, the trading volume of futures and spot of Bitget, a cryptocurrency exchange, reached $1.4 trillion and $160 billion, respectively. This represented a growth from the statistics of the year earlier as futures and forwards were set at $658 billion, whereas spot deals amounted to $59 billion for this period.
The exchange disclosed in its Q1 2024 report released on April 11 that its user base has grown to over 25 million on the trading platform and Web3 wallet. The report pointed out that the cryptocurrency in the first quarter of 2024 would be full of significant milestones and noted that February saw a powerful market recovery.
Bitcoin reached new highs while all the fuzz around Solana and advancements in artificial intelligence depicted the liveliness of the market. Moreover, Bitget listed 186 new tokens in this quarter. Significantly, on Solana, the memecoin Dogwifhat (WIF) registered a growth of more than 1000% in value, like the roll-up utility token Altlayer (ALT) upon listing on the platform.
In the meantime, the exchange’s native token, BGB, hit a new record high of $1.38, having risen more than four times in value in a year. Based on its BGB market capitalization, the market has an estimated value of $2.6 Billion. By the second quarter, Bitget is going to launch a new BWB token as the official cryptocurrency of its Web3 wallet. At the moment, an airdrop promotion is going on for this event.
A research conducted by CCData showed that in March, the market share of derivatives of a particular exchange grew by about 2.5%, which is the maximum growth amongst all the centralized exchanges. The study pointed out that Binance was leading in the top 12 derivatives exchanges, gaining a 47.0% share of the total volumes in the month. This was followed by OKX, which had a market share of 21.8% and Bitget which was recorded at 12.8%. Other futures and derivatives open interest within the period was also recorded by Binance, OKX, and Bitget, with these being 37.8%, 34.7%, and 104%, respectively.
Sizeable increase characterized the fund rates on these platforms observed by the researchers from CCData, followed by a setting in at an all-time high before stabilizing back at the beginning-of-the-month levels. This volatility was observed against a backdrop of positive market sentiment in almost all other directions, with Bitcoin coming within reach of its all-time high value. In March, the funding rate was generally positive, though it increased little by little, which was the sign of the leverage in the market.