Bitget, a leading crypto derivatives and copy trading platform, has made significant strides in the cryptocurrency market this quarter. The Q2 2023 Transparency Report reveals some impressive figures that indicate a strong position for Bitget amidst the general market decline.
The Rise of Bitget: Trading Volume and Market Shares
Bitget has navigated through the challenges of the volatile crypto market, achieving an impressive trading volume above $60 billion for spot trading and $606 billion for futures trading. Despite a general drop in accumulated spot trading volume by 44.8% among Centralized Exchanges (CEXs), Bitget managed to double its market share to 6% in Q2.
| CEXs | Q1 Volume | Q2 Volume |
|---|---|---|
| Bitget | $30 bn | $60 bn |
| Others CEXs | -44.8% drop | -14.6% decrease |
According to the TokenInsight Crypto Exchange Report 2023 Q2, Bitget ranked among the Top 4 exchanges, collectively making up over 85% of the total market.
BGB Token Performance: Surpassing BTC Year-to-Date
The native Bitget token (BGB) outperformed all other tokens in the Top 10 biggest cryptocurrencies, adding a whopping 23% Quarter-on-Quarter (QoQ), and raising its quarterly All-Time High (ATH) by 8% to $0.51.
The volume of BGB traded soared by almost 80%, reaching a staggering $1.3 million. This growth has been accompanied by an increase in demand with BGB holders surging by an unprecedented 130%, reaching a total of over 305,653 holders within just three months.
Bitget’s Expansion: Futures Trading and Listings
In the wake of FTX’s collapse, many exchanges experienced a slump in futures trading volumes. However, Nansen recognized Bitget as the only crypto exchange to see an increase in its futures trading volumes during this period.
Bitget’s expansion also saw it listing an impressive number of new tokens – a whopping total of 81 – earning it a spot among the Top 5 exchanges for listings.
Global Presence and Partnerships
Bitget continued its global expansion strategy into Europe with registrations as a Virtual Asset Service Provider in Poland and Lithuania. Collaborations with prominent partners such as football legend Lionel Messi and eSports events organizer PGL have further solidified Bitgets reputation globally.
Conclusion
Established only five years ago, Bitget has proven itself as one of the world’s leading cryptocurrency exchanges with its innovative approach to crypto derivatives and copy trading services. With their momentous success this quarter, they’ve set themselves up as key players to watch out for in future quarters.