April 19, 2024
Latest Cryptocurrency News

Bitget Surpasses $1.4 Trillion in Crypto Trading Volume in Q1 2024

Bitget, a well-known cryptocurrency exchange, saw a significant increase in trade volume in the first quarter of 2024, according to its Q1 report, which was released on April 11.

Futures and spot trading volumes on the platform climbed to more than $1.4 trillion and $160 billion, respectively, representing a significant rise over the previous year’s data.

Key Developments and Token Listings

The exchange’s report highlighted several key developments in the crypto space during the first quarter. February witnessed a robust market recovery, with Bitcoin reaching unprecedented highs.

Additionally, the buzz surrounding Solana and advancements in artificial intelligence further underscored the dynamic nature of the market.

Bitget also listed 186 new tokens during the quarter, with notable performers like Solana memecoin Dogwifhat (WIF) and rollup utility token Altlayer (ALT) witnessing gains of over 1,000% post-listing.

Rise of BGB Token and Planned Rollout of BWB Token

Bitget’s native token, BGB, experienced a surge, reaching an all-time high of $1.38 and recording a remarkable year-over-year gain of over 400%. The exchange is currently valued at $2.6 billion based on its BGB market capitalization.

In the coming quarter, Bitget plans to introduce an additional token, BWB, as the native coin of its Web3 wallet, with an ongoing airdrop to mark the event.

Market Dominance and Initiatives

According to research from CCData, Bitget’s derivatives market share witnessed significant growth, with a dominance of 12.8% in March, the highest among all centralized exchanges analyzed.

The exchange’s commitment to supporting women-led startups in the Web3 and blockchain industry was also highlighted, with Bitget pledging $10 million for this cause earlier in January.

Bitget’s impressive performance in Q1 2024 underscores its position as a key player in the cryptocurrency trading landscape, with ambitious plans for further expansion and innovation in the coming quarters.

Image by freepik

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