Bitget's third-quarter performance growth: Market share increase ranks second, and the number of BGB holders reaches an all-time high
Author: Bitget
Summary
- Despite the overall market downturn, Bitget saw the largest increase in market share, reaching 43% in September.
- The BGB token has become one of the top five platform tokens by market capitalization, with the number of BGB holders continuously increasing, reaching 354,472 in the third quarter.
- Bitget announced its expansion plan in the Middle East.
- Bitget launched a $100 million EmpowerX fund to support the development of its Web3 ecosystem.
October 20, 2023, Victoria, Seychelles: Leading cryptocurrency derivatives and copy trading platform Bitget released its quarterly transparency report, highlighting the platform's key achievements in the third quarter of 2023. The report emphasizes the platform's outstanding performance during a challenging market period and showcases the remarkable growth of its native token BGB.
In the third quarter of 2023, the entire industry faced a bleak market situation. According to a report by CCData, centralized exchanges had a spot trading volume of $1.33 trillion and a derivatives trading volume of $4.8 trillion, down 22% and 23% respectively. In September, the combined trading volume of spot and derivatives on centralized exchanges fell for the third consecutive month, decreasing by 20.3% to $1.67 trillion. Despite the market slump, Bitget achieved the largest increase in market share, reaching 9.43%.
Factors contributing to this growth include the strong performance of Bitget's native token BGB this year. BGB outperformed most platform tokens, ranking among the top five by market capitalization. The token's price rose from $0.18 at the beginning of the year to a quarterly high of $0.4927 in September.
"The excellent performance of BGB reflects Bitget's firm commitment to accelerating cryptocurrency adoption in its ecosystem through its DeFi and CeFi products," said Gracy Chen, General Manager of Bitget. "We are dedicated to providing innovative and secure trading solutions for our users, and the growth of BGB is a result of the trust and support from our ever-expanding community for Bitget."
The anticipation surrounding the relaunch of Bitget Launchpad led to a surge in its value, reaching an all-time high of $0.5152 on February 19. The number of BGB holders continued to grow, reaching 354,472 in the third quarter, with BGB trading volume exceeding $1.3 billion over the past three months.
The Bitget ecosystem remained stable amid market turbulence. In the previous quarter, Bitget's protection fund consistently exceeded $300 million. In July, it peaked at $368 million, marking the highest level for that month. This, along with Bitget's over 200% reserve ratio, provided an additional layer of security for users' funds.
Bitget collaborates with multiple industry stakeholders to bring simplicity and convenience to cryptocurrency tax reporting, portfolio management, and trading automation, launching enhanced data solutions. These include partnerships with companies such as Cointracking, Coinstats, CCData, Koinly, 3commas, and Cobo Superloop.
Bitget continues to lead initiatives aligned with its vision of reshaping finance through cryptocurrency evolution, aiming to create a more equitable future. In the third quarter, Bitget implemented its latest rebranding plan, focusing on strengthening its position as a leader in innovative trading products.
Bitget also emphasized its expansion plans in the Middle East. The exchange is exploring countries/regions including Bahrain and the UAE, which features cryptocurrency-friendly locations such as Dubai, Abu Dhabi, and Ras Al Khaimah.
In September, Bitget launched a $100 million EmpowerX fund dedicated to promoting the development of its platform ecosystem. This strategic fund aims to explore investment opportunities in regional exchanges, data analytics companies, media organizations, and other entities that contribute to the platform's growth.
To celebrate its fifth anniversary, Bitget held a grand EmpowerX Summit in Singapore, attended by nearly 1,900 guests and featuring over 247 distinguished speakers and partners. The summit provided a platform to discuss the transformative potential of the cryptocurrency and Web3 ecosystems. Notable figures such as Tim Draper, Haseeb Qureshi, and Justin Sun delivered keynote speeches, emphasizing the platform's ongoing commitment to empowering the crypto community.
Bitget aims to establish the gold standard for industry transparency and credibility through its quarterly reports. While continuing to lead innovation and create a more inclusive financial future for all, Bitget demonstrates a steadfast commitment to security and reliability.
About Bitget
++Bitget++ was founded in 2018 and is a leading global ++cryptocurrency exchange++ and Web3 company. Bitget Exchange serves over 20 million users across more than 100 countries and regions, dedicated to helping users trade smarter through its pioneering copy trading feature and other trading solutions. Bitget Wallet, Bitget's Web3 subsidiary, is a decentralized multi-chain digital wallet that supports over 250,000 cryptocurrencies across more than 90 blockchains, enabling exploration of DEX, DeFi, NFTs, and the metaverse. Bitget inspires people to embrace cryptocurrency through reliable partnerships with legendary Argentine footballer Lionel Messi and official esports event organizer PGL.
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