Bitget's April 2024 Report: Futures Trading Volume Surges by 146% - Chainwire

25May

Bitget’s April 2024 Report: Futures Trading Volume Surges by 146%

Victoria, Seychelles, May 25th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released its April 2024 monthly report, marking significant advancements across various fronts. Bitget’s futures trading volume surged by 146% in the first quarter of 2024, reaching $1.4 trillion. Data from CCdata highlighted that Bitget recorded the highest gain of 1.39% among the top 14 derivatives exchanges, showcasing consistent growth in the quarter.

Bitget continues to assert its dominance in the crypto derivatives market, with its Open Interest (OI) indicator surging past $6 billion on May 4, securing a substantial 25% share of the total market. Presently, Bitget maintains its stronghold with OI standing at $6.22 billion. The exchange’s remarkable performance is further highlighted by its total volume of open futures contracts surpassing the BTC market price level, indicating a bullish sentiment among traders toward Bitcoin’s price trajectory.

April witnessed an unprecedented surge in new derivative trader accounts on Bitget, marking a record-breaking 23% increase. Notably, 82% of these accounts initiated positions in the BTC-USDT pair. Impressively, BTC’s opened positions in the Bitget futures market maintain a commanding share, consistently exceeding 60%.

Playing a pivotal role in the broader ecosystem, Bitget Wallet bolstered its community network by disbursing 11.7 million BWB tokens through a comprehensive airdrop campaign. With participation from over 1.06 million addresses, this initiative underscores Bitget Wallet’s expansion and its adeptness at providing reciprocal rewards to its community.

Despite a general slowdown in cryptocurrency trading volumes, Bitget’s spot trading volume increased by 34.8%, while futures trading volume saw a rise of 61.9%. According to data from The Block, Bitget emerged as a leader in Open Interest (OI) shares, surpassing $6 billion and accounting for 25% of the total market.

Bitget has expanded its asset selection significantly by integrating 872 additional tokens into its platform, leading to increased interest and trading volumes. The new launch of PoolX platform, a stake-to-mine service, attracted significant participation with high APR rates. Tokens such as Kitten Haimer (KHAI), Dimitra (DMTR), Roost Coin (ROOST), and Nettensor (NAO) showed remarkable performance, boosting PoolX’s popularity.

Another product addition to Bitget’s ecosystem was the launch of the Pre-market, which allows users to engage in pre-listing trading of new tokens. This feature enhances liquidity and provides early access to promising projects like EigenLayer (EIGEN) and Merlin Chain (MERL).

Bitget has rolled out its COO Apprentice: Web3 Leadership Program in Europe, a key component of its Blockchain4Youth initiative. This initiative offers participants an outstanding chance to immerse themselves in the world of Web3. With mentorship from Bitget’s top executives, including COO Vugar Usi Zade, apprentices will receive hands-on training and expert guidance.

Bitget was also actively involved in prominent industry gatherings such as Talentland in Mexico, Paris Blockchain Week, and Blockchain Life and Token2049 in Dubai. These events served as prime networking platforms and provided a global audience with a glimpse into Bitget’s innovative product lineup.

In April 2024, Bitget’s accomplishments were propelled by a series of innovative strategies, robust community expansion, cutting-edge product enhancements, and a notable uptick in market share within the crypto industry. The firm’s relentless pursuit of ecosystem expansion and the introduction of novel features solidify its standing as a frontrunner in the ever-evolving crypto landscape.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.