Bitget sees 82% increase in spot trading volume in November
Bitget sees 82% increase in spot trading volume in November
Cryptocurrency exchange Bitget has released its financial figures for November 2023, which show a significant increase in spot trading volumes and new users.
During the reporting period, the exchange saw an 82% increase in spot trading volume, which was primarily driven by high activity in the cryptocurrency market due to rising Bitcoin and altcoin prices.
At the same time, Bitget reported that the number of new users in the first week of December 2023 exceeded the number of new users in the same period last year by 20%. Notably, 89% of new users bought Bitcoin and other cryptocurrencies, while 61% bought only Bitcoin.
The crypto exchange also attributes its growth in November 2023 to its world-class product launches, ultra-fast listing of the most popular tokens, and accelerated startup launches as part of its $10 million Blockchain4Youth initiative and global business expansion.
In addition, Bitget Wallet has partnered with several industry-leading apps, attracting new users. The high level of security and the size of Bitget's $400 million Bitget Protection Fund also contributed to the strong performance in December.
It is worth noting that in early November, Bitget announced its strategic plans to invest in blockchain startups based in India as part of its above-mentioned $10 million Blockchain4Youth (B4Y) project focused on Web3.
Also during this period, Bitget released limited edition NFTs for Bitget Builders. Each NFT has many unique benefits designed to reward core developers for their significant contributions and recognize their unwavering support.
Recently, Bitget introduced 51 new tokens to its platform, including MEMECOIN, RATS (BRC-20 token), and the decentralized oracle project PYTH, resulting in increased trading volume on the platform.
"Bitget maintains its position as the world's leading cryptocurrency exchange, attracting an impressive 5,000 elite traders and over 20,000 new subscribers in November. The platform is committed to profit sharing, with traders collectively earning more than $445,000. In addition, subscribers have earned nearly $10 million USD this month. The success of the platform is evident with more than 1.4 million profitable trades, demonstrating the effectiveness of the Bitget trading platform," the exchange said in a message.
In its report, the exchange noted the strong demand seen in the first week of December on the spot market copy trading platform compared to the first week of November, with the number of users engaged in copy trading increasing by 23%.
The cryptocurrency derivatives copy-trading platform saw a 17% increase in new users in the first week of December.
The exchange also highlighted new opportunities for the Middle East on Bitget's P2P platform.
Despite all the gains, Bitget believes its growth in November can also be attributed to the surge in cryptocurrencies, driven by expectations of the imminent approval of exchange-traded Bitcoin ETFs.
"We believe this surge coincides with optimism over the potential approval of U.S. exchange-traded funds (ETFs) to hold digital assets. The new potential investment option is seen as revolutionary as it will allow investors to buy and sell Bitcoins at spot prices rather than futures prices," Bitget said.
Read also: El Salvador to issue world's first Bitcoin bonds in 2024.
