Bitget, the world's leading cryptocurrency exchange and Web3 company, conducted an in-depth analysis of CCData's growing market share in the second half of 2024 outlook report. As the credibility and performance of centralized cryptocurrency exchanges continues to increase, movement in the cryptocurrency space is becoming more evident than ever.
CCData pointed out that the role of various centralized exchanges (CEX) is changing, and they are assuming new functions and responsibilities. Among them, Bitget experienced the largest increase in market share, reaching 38.4% growth, while Coinbase, OKX and KuCoin experienced a decrease in market share.
More general indicators such as open interest, funding rates and the ratio of derivatives trades to spot provide an interpretation of current market sentiment. After BTC and ETH ETFs were approved earlier this year, open interest surged, according to CCData. Open interest on derivatives exchanges rose 30.5% to $55.2 billion in May as traders tried to take advantage of the unexpected approval of a U.S. spot Ethereum ETF. Bitget outpaced the growth of all major derivatives exchanges during the period, with open interest increasing by 39.2%.
Bitget CEO Gracy Chen said:
Bitget's growth is due to its strong community of supporters and contributors who recognize Bitget's strength and dedication to serving its users. Our internal analysis recently pointed out that growth will be faster in the coming months, and we will use this to bring cryptocurrency to more people.
In Bitget’s latest Q2 2024 Transparency Report, which dives deeper into its growth, it attributes 50% of its traffic growth to its efforts. According to Similarweb data, this growth has come primarily from the CIS region, followed by Latin American markets and South Asia, largely due to the exchange's efforts to localize its services to diverse audiences around the world.
Bitget’s public and transparent reserve certificates show that in the past 6 months, the number of BTC, USDT, and ETH held by users has surged by 73%, 80%, and 153% respectively, pointing to an inflow of approximately $700 million in capital. According to DeFiLama data, Bitget achieved the highest capital inflows of $1.3 billion in June, surpassing the inflows of Binance, OKX, Bybit, and all other major exchanges.
CCData isn't the only data provider to highlight Bitget's growth and potential. Recently, Forbes ranked Bitget Token (BGB) as one of the top ten best-performing coins in 2024, with the token soaring 100% in the first half of the year.
About Bitget
Founded in 2018, Bitget is the world's leading cryptocurrency trading platform and Web 3 company. Currently, Bitget provides services to more than 100 countries and regions around the world, helping more than 25 million users achieve "smart" transactions through leading documentary services and other trading solutions. Bitget Wallet, formerly known as BitKeep, is a world-class multi-chain crypto wallet that provides a range of Web3 solutions and interactive features, integrating wallets, Swap, NFT markets, DApp browsers, and more. Bitget joins hands with legendary Argentinian football player Messi, Turkish national athlete women’s wrestling world champion Buse Tosun Çavuşoğlu, European boxing champion Samet Gümüş, women’s volleyball world champion İlkin Aydın, and a host of trusted partners to encourage people to embrace cryptocurrency.
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