Bitget, the leading cryptocurrency exchange and Web3 company, has revealed in-depth insights into its growing market share as highlighted by CCData in the 2024 H2 Outlook Report. With the growing credibility and performance of centralized crypto exchanges, it’s more evident now than ever that there’s a shift in paradigm in crypto space.
CCData highlights the roles of various CEXs are changing as they take up new functions and responsibilities. Among which, Bitget has witnessed the ‘largest uptic’ in market share by 38.4% growth followed by Crypto(dot)com and Bybit at 24.6% and 22.2% respectively. While bigger players such as Coinbase, OKX and KuCoin saw declines as compared to other growing CEXs.
Wider metrics such as open interest, funding rates, and derivatives trading to spot-ratio provide insights into the current market sentiment. Following the approval of BTC and ETH ETFs earlier this year, open interest soared according to CCData. In May, the open interest on derivatives exchanges rose 30.5% to $55.2 billion as traders looked to capitalise on the surprise approval of spot Ethereum ETFs in the US. During this time, Bitget surpassed the growth of all major derivatives exchanges, with an increase of 39.2% in open interests, while bigger players such as Binance, and OKX recorded an increase of 33.2% and 22.1% respectively.
“Bitget’s growth can be credited to its strong community of supporters and contributors who have recognized the platform’s strength and dedication to serving its users. Our recent internal analytics hint at an even faster pace of growth in the coming months, which we will leverage to bring crypto to the broader masses,” said Gracy Chen, Chief Executive Officer (CEO) at Bitget.
In Bitget’s recent Q2 2024 transparency report, the top derivatives exchange has dived into its growth, attributing the 50% rise in its traffic. As per Similarweb data, this rise has been recorded with growth in the CIS region, followed by the Latam market and South Asia. This primarily comes from the exchange’s efforts in catering to its diverse audience with localized services throughout the globe.
The transparent tracking of Bitget’s proof-of-reserves shows that in the past six months the number of users’ holdings in BTC, USDT, ETH surged by 73%, 80%, and 153%, indicating nearly $700M capital inflow. As per data on DeFiLama, in June Bitget recorded the highest capital inflow of $1.3 billion, taking over inflows of Binance, OKX, Bybit and all the other major exchanges.
CCData is not the only data provider highlighting Bitget’s growth and potential. Recently Forbes ranked Bitget Token (BGB) as one of the top 10 best-performing tokens in 2024 with a 100% surge in the first half of the year.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).
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