Bitget dominates the trading world with significant increase in market share and volume of BGB
The crypto exchange Bitget stands out in the trading industry with a remarkable increase in market share and BGB volume up 80% in the second quarter, according to data. In addition, Bitget reached fourth place in the CEX rankings for quarterly accumulated trading volume. See below for full details. 80% increase in BGB trading volume highlights Bitget’s success As anticipated, Bitget is revolutionizing trading with an explosion in market share and an 80% increase in BGB volume. In addition, among the top 5 CEXs, Bitget has the second highest increase in market share, with 1.81% growth bringing it to 8.7%. Bitget, a leader in cryptocurrency derivatives trading and copy trading, released its quarterly transparency report, highlighting the platform’s outstanding results in the second quarter of 2023. Specifically, the report highlights Bitget’s excellent performance in increasing market share and trading volume, token yield, security, and financial strength, outperforming other major exchanges despite the overall market decline. The second quarter of 2023 represented a major upswing for the cryptocurrency market, with the price of Bitcoin surpassing $30,000 again. However, the period was also marked by legal turmoil, with the SEC filing lawsuits against Binance, its founder Changpeng Zhao, and Coinbase, significantly impacting the industry globally. Despite the challenges, Bitget has managed to capitalize on the opportunities present in the cryptocurrency market, recording a trading volume in excess of $60 billion for spot trading and $606 billion for futures trading. The platform also outperformed most centralized exchanges (CEXs) as spot trading volume decreased by 44.8% and derivatives trading volume decreased by 14.6%. Bitget: leading the way in increasing futures trading and launching copy trading According to the TokenInsight Crypto Exchange Report 2023 Q2, Bitget ranked among the top 4 exchanges collectively accounting for over 85% of the total market. It also recorded the second highest increase in market share among the top 5 CEXs, with a 1.81% increase to 8.7% share. In the spot market, Bitget doubled its market share to 6% in the second quarter. The derivatives market also progressed significantly, with a 12.5% increase in open interest over the previous quarter, reaching $27 billion by the end of the second quarter. Bitget stood out in this sector, recording the most significant growth, rising from 10.46% to 11.84%. We also see that blockchain analytics firm, Nansen, identified Bitget as the only cryptocurrency exchange to record an increase in futures trading volumes in the six months following the FTX collapse, outpacing several other exchanges in the market. The launch of copy trading on Bitget had a significant impact on the results achieved in the second quarter of 2023, dealing 9,033 new elite traders, 85,255 new followers, and generating total profits worth $34.59 million. Focus on Bitget’s native token: BGB Bitget’s native token (BGB) showed outstanding performance, outperforming all other tokens within the top 10 cryptocurrencies. In the second quarter, it recorded a 23% increase from the previous quarter and a quarterly ATH (All-Time High) of 8% at $0.51. In addition, BGB trading volume in the quarter increased by nearly 80% to $1.3 million. Demand for BGB is on the rise, with the number of BGB holders increasing 130% to 305,653 over three months. The traction of products offered by Bitget has played a significant role in the exchange’s performance, as evidenced by the 34.7 million visits to the site and mobile app in the second quarter. The presence of more than 500 spot trading pairs and more than 570 futures trading pairs has enabled products such as Bitget Spot, Bitget Spot Martingale, and Bitget Launchpad to attract unprecedented attention at launch and thereafter. Bitget has recently launched innovative products such as Liquid Staking Derivatives, Coin-Margined Futures, Martingale AI, multi-chain EVM compatible address support, and BGB lottery. The product range continues to expand to meet the ever-growing needs of Bitget users from different areas.