During the first quarter of 2024, the crypto bull market triggered a significant rise in the demand for sophisticated cryptocurrency products, as indicated by data from multiple exchanges.
According to Bitget’s Q1 2024 Report, there was a dramatic 100% increase in both spot and futures trading volumes, reaching $1.4 trillion and $160 billion respectively.
This growth marks a substantial escalation compared to the previous year, where futures trading volume was $658 billion and spot trading volume stood at $59 billion during the first quarter of 2023.
Crypto Bull Market Made Bitget Add 186 New Tokens To Its Exchange
During the first quarter, Bitget expanded its user base to over 25 million through its web3 wallet and trading platform.
The Bitget report highlighted a strong market recovery in February, with Bitcoin reaching new highs. The report also noted increased interest in Solana and significant developments in the artificial intelligence sector, illustrating the crypto bull market activity.
In Q1 2024, Bitget added 186 new tokens to its exchange. Notable among these were Dogwifhat (WIF), a Solana-based meme coin, and Altayler (ALT), a rollup utility token that saw its value surge by over 1,000% following its listing.
However, the exchange’s own token, BGB, has achieved a market capitalization of $2.6 billion.
Research indicated that among the top 12 derivatives exchanges, Binance dominated with a 47.0% market share of total volumes in March. OKX was second with a 21.8% share, and Bitget held a 12.8% share of the market.
How The Crypto Bull Market Is Affecting The CEXs
CCData has reported a surge in open interest for derivatives and futures contracts, highlighting Binance at 37.7%, Bitget at 34.7%, and OKX at 10.4%.
Furthermore, CCData observed that the market share for derivatives increased by 2.5% in March, marking the highest rise among centralized exchanges (CEX).
Meanwhile, Bitget’s native BGB token has been trading at $1.34, having increased by 5.51% over the last 24 hours. Since the start of 2024, the token has experienced a dramatic rise of 434%, significantly outperforming Bitcoin and other cryptocurrencies on centralized exchanges.
Bitget’s Future Plans And Expansions
Bitget Wallet has announced the launch of its own ecosystem token, BWB, complemented by an innovative BWB Points airdrop event. The token has a capped supply of 1 billion, with a significant 5% reserved for community airdrops. This initiative marks an effort by Bitget to activate its user community and promote greater involvement. The introduction of BWB also translates into an important shift towards enhancing user empowerment, ecosystem growth, and community-led governance.
Additionally, Bitget Wallet has introduced a new ‘Smart Money’ feature that leverages sophisticated AI technology to analyze on-chain data and monitor high-performing Ethereum addresses. This feature aims to refine trading strategies by providing real-time insights. Alongside this, Bitget has rolled out GetScribe, a cutting-edge full-stack management tool designed for omnichain inscriptions. Supporting more than 19 blockchains, GetScribe offers functionalities like batch inscriptions, a market leaderboard, and analytical tools.
Further updates from Bitget Wallet include the integration of ARC-20 inscription support and the Bitcoin Lightning Network, which improve compatibility with the Bitcoin ecosystem and expand inscription capabilities. These strategic updates are intended to ease user engagement with new tokens and inscriptions while lowering the barriers to entry.
