Bitget Market Share Surge As BGB Volume Jumps by 80% in Q2
Bitget, top crypto derivatives and copy trading platform, has released its quarterly Transparency Report, highlighting the major achievements of the platform for Q2 of 2023. The report emphasizes Bitget’s exceptional performance in increasing market share, trading volumes, token performance, security, and financial solvency, surpassing other prominent exchanges amidst the general market decline.
The second quarter of 2023 provided a much-needed surge in dynamics for the cryptocurrency market, witnessing the comeback of Bitcoin’s price past the $30,000 mark. However, the period was also marked by turbulence in the legal domain, with the SEC filing lawsuits against Binance, its founder Changpeng Zhao, and Coinbase, heavily impacting the landscape of the global industry.
Bitget managed to take advantage of all the challenges facing the cryptocurrency market by attaining a trading volume above $60 billion for spot trading and $606 billion for futures trading. The platform outperformed most centralized exchanges (CEXs) as the accumulated spot trading volume dropped 44.8% and the derivative decreased 14.6%. 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 achieved the second-highest increase in market share among the Top 5 CEXs, growing by 1.81% to reach 8.7%.
In the spot market, Bitget doubled its market share to 6% in Q2. The derivative market also experienced notable progress, with a 12.5% increase in open interest compared to the previous quarter, reaching $27 billion by the end of Q2. Bitget stood out in this sector, demonstrating the most significant increase from 10.46% to 11.84%.
Blockchain analysis firm Nansen singled out Bitget as the only crypto exchange to increase futures trading volumes in the six months following the collapse of FTX, followed by the decline of numerous other trading platforms across the market. The launch of copy trading on Bitget had a significant impact on the results it achieved in Q2 2023, attracting 9,033 new elite traders, 85,255 new followers, and a total of $33 million in generated profits.
The native Bitget token (BGB) displayed exceptional performance, outperforming all other tokens in the Top 10 biggest cryptocurrencies, adding 23% QoQ, and raising its quarterly ATH by 8% to $0.51. In addition, the volume of BGB traded in the last quarter soared by almost 80% to $1.3 million. Demand for BGB has also been on the rise, with the number of BGB holders rising by 130% to 305,653 in three months.
The traction of Bitget products has played a significant role in the exchange’s performance, as evidenced by both site and mobile traffic, which amounted to 34.7 million visits in Q2. The presence of 500+ spot trading pairs and 570+ futures trading pairs has allowed such products as Bitget Spot, Bitget Spot Martingale, and Bitget Launchpad to attract unprecedented attention at launch and following their release. Among the innovative products recently launched are the Liquid Staking Derivatives, Coin-Margined Futures, Martingale AI, Multi-Chain EVM-Compatible Address support, and BGB Lottery. The product lineup is continuously expanding to cater to Bitget’s ever-growing audience of diverse users.
On the legal frontier, Bitget has been engaged in improving compliance and user protection by introducing the Bitget Proof of Reserves, with a total reserve ratio of over 200%, twice exceeding the industry standard. The platform continued its market expansion in Q2, receiving registration as a Virtual Asset Service Provider in Poland and Lithuania. In addition, the exchange has announced its plans to open representative offices in the countries of the Middle East, with Dubai set to act as the main hub of regional activity.
The Bitget Transparency Report Q2 2023 gives concise insights into the performance of the exchange and the potential it holds for further traction. The exchange team has repeatedly stated that its adherence to the values of decentralization and helping users securely adopt blockchain and cryptocurrencies remains infallible and will continue to act as a pillar of Bitget’s global expansion.