Bitget, one of the leading exchanges in the cryptocurrency and Web3 technology sector, has revealed detailed insights on its growing market share, as highlighted in the “2024 H2 Outlook Report” by CCData.
Summary
Unprecedented market expansion for the Bitget exchange: CCData data
Bitget recorded the highest market share growth among cryptocurrency exchanges, with an increase of 38.4%, followed by Crypto.com and Bybit, which saw growth of 24.6% and 22.2% respectively.
This remarkable increase highlights the growing reliability and performance of centralized criptovalute exchanges, marking a significant shift in the paradigm of the cryptographic space.
The CCData report highlights how the roles of centralized exchanges (CEX) are evolving, taking on new functions and responsibilities. Bitget, in particular, stands out for its explosive growth in terms of market share, surpassing other major players like Coinbase, OKX, and KuCoin, which have seen a reduction in their share compared to emerging exchanges.
The metrics such as open interest, funding rates, and the ratio between derivatives trading and spot provide a clear view of the current market sentiment. With the approval of BTC and ETH ETFs at the beginning of the year, the open interest has surged.
In May, the open interest on the derivatives markets rose by 30.5% to $55.2 billion, with traders seeking to capitalize on the surprise approval of ETFs on Ethereum in the United States.
During this period, Bitget outperformed all major derivatives exchanges in terms of growth, with a 39.2% increase in open interest, while other big players like Binance and OKX recorded increases of 33.2% and 22.1% respectively.
“The success of Bitget is attributable to our strong community of supporters and contributors who have recognized the strength and dedication of the platform in serving its users. Our recent internal analyses suggest an even faster growth rate in the coming months, which we will leverage to bring cryptocurrencies to a broader mass of users.”Â
stated Gracy Chen, CEO of Bitget.
Transparency Report Q2 2024 di Bitget
In the recent transparency report for the second quarter of 2024, Bitget delved into its growth, attributing a 50% increase in traffic to the platform. According to Similarweb data, this growth was primarily recorded in the CIS region, followed by the Latam market and South Asia.
This increase is the result of the exchange’s efforts in providing localized services to a diverse global audience.
The transparent tracking of Bitget’s reserves has shown that in the last six months the number of user holdings in BTC, USDT, and ETH has increased by 73%, 80%, and 153% respectively, indicating an inflow of capital of nearly $700 million.
According to DeFiLama data, in June Bitget recorded the highest capital inflow of $1.3 billion, surpassing the inflows of Binance, OKX, Bybit, and all other major exchanges.
CCData is not the only data provider to highlight the growth and potential of Bitget. Recently, Forbes ranked the Bitget Token (BGB) among the top 10 tokens with the best performance of 2024, with a 100% increase in the first half of the year.
This recognition further underscores the solidity and growth potential of Bitget in the cryptocurrency market.
Conclusions
The expansion of Bitget in the cryptocurrency market represents a crucial moment for the entire sector. Bitget’s ability to grow rapidly and adapt to the needs of a global audience demonstrates its position as a leader in the cryptocurrency and Web3 technologies sector.
With the continuous development of new features and services, Bitget is well positioned to maintain and expand its market share, bringing cryptocurrencies to an ever-growing number of users around the world.
