Bitget ranks Top 4 in Crypto Exchanges by trading volume
Announcement posted by Bitget 19 Jul 2023
- Bitget ranks Top 4 in CEXs for the quarterly accumulated trading volume.
- Among the Top 5 CEXs, Bitget had the second-highest increase in market shares, growing by 1.81% to reach 8.7%.
- BGB token became the best-performing CEX token in 2023 with an 80% surge in trading volume, outperforming BTC year-to-date;
- Bitget was the only CEX to increase its futures trading volume in 2023 following the FTX collapse.
- With 81 new tokens listed, Bitget became the Top 5 exchange in terms of listings.
Bitget, top cryptocurrency and copy trading platform, has released its quarterly Transparency Report, highlighting the major achievements for Q2 of 2023. The report emphasises 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 US$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 centralised 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 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+ trading pairs has allowed such products as Bitget Martingale (also known as dollar-cost averaging (DCA) strategy), and Bitget Launchpad to attract unprecedented interest. Other innovative products recently launched, such as Multi-Chain EVM-Compatible Address support, are amongst the continuously expanding product roadmap for Bitget as they cater to the 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 decentralisation and helping users securely adopt blockchain and cryptocurrencies remains infallible and will continue to act as a pillar of Bitget’s global expansion.
Bitget is built upon a foundation of transparency, user-centric principles, and a commitment to sustainable development. We believe that all stakeholders reserve the right to access essential information about our operations, and our commitment to transparency is reflected in the Bitget Transparency Report.
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About Bitget
Established in 2018, Bitget is the world's leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 8 million users in more than 100 countries and regions, Bitget is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organiser PGL.
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