Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflow and showed the strongest market share growth compared to its competitors.
Investors transferred $700 million to Bitget in the second quarter, and activity on the platform increased by nearly 50%.
Bitget Reports $700M Capital Inflow and 50% Traffic Surge in Q2 2024
The exchange experienced a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively, over the first six months of the year. This growth coincided with the addition of 2.9 million new users to the platform.
This placed Bitget among the top exchanges with the highest net positive inflows in the past quarter. Only Binance, which remains the market leader, and Bitfinex achieved better results in this category.
Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2!???? pic.twitter.com/UzxthwC4D8
— Gracy Chen @Bitget (@GracyBitget) July 9, 2024
According to CCData's latest H2 Outlook Report, the exchange also reported the largest market share growth among centralized exchanges, increasing by 38.4% from H2 2023 to H1 2024.
Bitget's spot trading volume saw a visible uptick too, rising from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform's monthly visitors reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes occurring in the centralized cryptocurrency exchange market show that competition is becoming increasingly intense. An example of this is the recent surge in popularity of Bybit, which has become the second-largest exchange in terms of spot trading volumes.
Sport Sponsorships and New Products
Gracy Chen, CEO of Bitget, commented on the quarter's performance, stating, "Q2 2024 has been a pivotal period for Bitget. Our collaboration with Turkish athletes along with significant growth in users and website traffic is a part of our global expansion."
In a move to expand its global presence, Bitget partnered with three Turkish national athletes as part of its #MakeItCount campaign, featuring Lionel Messi. The agreement with famous footballer was signed back in February, to build a brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in collaboration with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. What is more, Bitget's native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked in the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in India. This announcement comes as the most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Also recently,Bitget Wallet announced a joint investment with the crypto investment firm Foresight X in Tomarket, a decentralized trading platform. This venture targets emerging asset classes and aims to expand the wallet's services beyond traditional decentralized exchanges (DEXs).
This article was written by Damian Chmiel at www.financemagnates.com.
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