Bitgets Crypto Trading Volume Surges over 100% in Q1 2024

Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. Thereport highlighted a 100% increase in both spot and futures trading volumescompared to previous quarters, along with a significant rise in the value ofits platform native token, BGB.

Bitget Reports Growth inQ1 2024 Transparency Report

Accordingto the report, Bitget's futures trading volume reached approximately $1.4trillion, an escalation of 146% from the previous quarter. The exchange witnessed thehighest increase in derivatives market share, with a growth of 2.4% in Marchalone. The spot trading volume also saw a substantial uplift of 113%, surpassing$60 billion in Q1 2024.

According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry.In March, spot volumes for the largest cryptocurrency exchanges grew 119%compared to the previous year and over 100% compared to February.

Bitget'suser base has expanded significantly, now serving over 25 million usersacross 100+ countries and regions.

"Thisyear, Bitget is doubling down on its commitment to enhance our spot marketofferings, Gracy Chen, the Managing Director of Bitget, commented. We aim notonly to bolster our market position but also to contribute tremendously to thebroader crypto ecosystem, supporting startups with high potential togrow."

Thanks @CryptoSlate for featuring us. Proud to become the world's largest #crypto copy trading platform! With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.Explore our latest achievements

Bitget Bets on Its CryptoToken

Theplatform's native token, BGB, had a really good run last quarter, breaking itsall-time high and surpassing the $1 mark in February. Since the beginning of2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishingitself as a top performer among centralized exchange tokens.

Currently,it is one of the 70 largest cryptocurrencies, with a market capitalization ofover $1.8 billion and a daily trading volume of $81 million. Binance exchange's BNB token has a market capitalization of $89 billion.

Bitget's listingstrategy led to the introduction of 186 new tokens in the first quarter,expanding its offerings to over 750 tokens and 820 spot trading pairs. Severaltokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surgingover 3000%.

Accordingto the latest exchange report, more people are tradingcryptocurrencies in Europe. In Germany alone, the number of traders hasescalated 69% over the year.

In the meantime,Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its globalexpansion.

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Bitcoin Rally Fuels 5th Consecutive Month of Growth in Feb 2024 Crypto Trading Volumes

The Bitcoin(BTC) rally to historical highs in February has caused a significant increasein spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfoldincrease compared to February 2023, ByBit is currently the second-largestexchange in terms of volume, surpassing UpBit, OKX, and Coinbase.

Crypto Spot Volumes Growsfor 5 Months, ByBit Becomes the Second-Largest Exchange

AlthoughFebruary was a shorter month in terms of trading sessions, the dynamic Bitcoinrally and the test of historic highs above $69,000 provided tremendous fuel forthe growth of trading activity indicators.

This isalso evident from the spot volumes of the ten largest exchanges, whose turnovergrew 5% from the $916 billion reported in January to nearly $960 billion inFebruary. The result marks the fifth consecutive month of growth and asignificant improvement compared to February 2023. On a year-over-year (YoY)basis, volumes jumped 22%, growing from $783 billion.

"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.

There wasalso a reshuffle among the top five exchanges regarding volume. ByBit jumped tosecond place, growing 16% month-over-month and an astonishing 708% YoY,reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX,whose monthly volumes slid 13-14%. Coinbase remains in fifth place with aresult of $73 billion.

"The exchange also recorded its highest-ever daily spot trading volume onFebruary 28th, trading $8.58 billion," CCData added.

Thesechanges significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As aresult, Binance's turnover currently accounts for more than half of the spotmarket.

Annual Volume Growth forMost Exchanges

Binance isthe only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates.Apart from ByBit, which surged over 700% as mentioned earlier, Huobialso saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.

The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.

The factthat we are almost halfway through March and the Bitcoin price is still testingnew historical highs above $70,000 suggests that trading volumes of the largestexchanges will record increases this month.

Inparticular, inflows to new ETF funds continue to grow, and Grayscale wants toadd another wave of fresh demand with its newest Mini Bitcoin Trust ETF,offering tax-free crypto exposure.

Moreover,the market eagerly awaits the halving event, which is set to take place in justover a month. In the past, halvings have caused significant price jumps forBitcoin, and analysts are already speculating that it may soon reach six-figurevalues.

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Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes

According to a report by CCData, a digital assets data provider, crypto trading volumes on centralized exchanges in July fell to their lowest this year as the bear market lingers. Spot trading volumes dipped by 10.5% to $515 billion, while derivatives volume dipped by 12.7% to $1.85 trillion.  This slump has been attributed to the [...]

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