Futures and spot volume on crypto exchange Bitget soared in the first quarter, with futures reaching over $1.4 trillion and spot volume topping $160 billion. This marks a substantial growth from the previous year, where futures trading volume was $658 billion and spot trading volume was $59 billion in Q1 of 2023.
Bitget’s Q1 2024 report, released on April 11, highlights several significant developments in the crypto market. February witnessed a strong market recovery, with Bitcoin reaching unprecedented heights. Additionally, the buzz around Solana and advancements in the AI sector emphasized the market’s dynamic nature.
During the quarter, Bitget listed 186 new tokens, with notable gains seen in tokens like Solana memecoin Dogwifhat (WIF) and rollup utility token Altlayer (ALT), both witnessing gains of over 1,000% post-listing. Bitget’s native token, BGB, also surged to an all-time high of $1.38, marking a gain of over 400% year-over-year.
By Q2, Bitget plans to introduce an additional BWB token as the native coin of its Web3 wallet, with an ongoing airdrop for the event. The exchange, currently valued at $2.6 billion per its BGB market cap, continues to expand its offerings and user base.
Research from CCData shows that Bitget’s derivatives market share grew significantly in March, with the exchange leading among all centralized exchanges. The open interest of futures and derivatives on Bitget saw a notable increase, highlighting positive market sentiment and leverage.
In January, Bitget pledged $10 million to support women-led startups in the Web3 and blockchain industry. This initiative aims to elevate blockchain knowledge and provide funding avenues for women-led crypto startups, addressing the existing gender gap in venture funding.
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