The crypto exchange Bitget has released its Q1 2023 transparency report.
The report is dedicated to the transparency of the exchange’s data, but it also contains a section devoted generically to the state of the crypto markets.
The analysis of the crypto markets
The report calls 2022 “a gloomy year,” when due to several black swans the public had lost most of its expectations of the crypto market.
However, the 2023 data shows a recovery, with, for example, the overall capitalization of this market increased by 48.9% at the end of the first quarter, with the return above the $1 trillion threshold.
Indeed, he points out that even before mid-January, Bloomberg was already back to speaking well of crypto funds, as they were already beating all other ETFs.
Moreover, in the first quarter of 2023 there was the real boom of Blur, or BFT’s marketplace that dethroned OpenSea with a new business model and a round of super launches.
The highest growth was in liquid staking derivatives (LSD), with +210% leading to a total capitalization of this specific marketplace at $4.20 billion.
According to Bitget’s report, these figures mark the end of the crypto winter, with the price of Bitcoin back at $28,000, albeit briefly, and Ethereum at $1,700, for the first time since June last year.
Bitget’s numbers
The report also contains a lot of data about the exchange.
First of all, it entered TokenInsight’s top 4 CEXs in the first quarter of 2023, registering growth in all aspects. In addition, its BGB token achieved a gain of 120%, outperforming all other exchange tokens.
Bitget’s Proof-Of-Reserves increased from 223% in December 2022 to 246% in April, with the book value of the Bitget Protection Fund rising from $300 million to more than $380 million thanks largely to the recovery in Bitcoin prices.
An additional 105 coins were listed on Bitget Spot Trading during the quarter, and Bitget Spot Copy Trading, Fund Custody Service, and Composite Index were added to Bitget Futures.
Trading volumes increased by 8% for spot trading, and 27% for futures trading.
The BGB token
The year 2023 began with a market value of the BGB token of about $0.18.
As early as mid-February it had more than doubled, even rising above $0.46, while it has since begun a long phase of lateralization, which is still ongoing, with price swings between $0.32 and $0.47. The current value is close to the highs of the year.
It is worth noting that the lowest peak of the recent bear-market was in June last year, when it fell to $0.1. Since then the price has risen almost fivefold.
Since it is a token that was born recently, i.e., in August 2021 at the height of the bubble, it did not reach all-time highs in 2021.
Moreover, during 2022 the highest value reached was only slightly above $0.20, so indeed the annual peak in 2023 is still the absolute all-time high. Therefore, the current values of the token are very close to all-time highs.
It is worth noting in particular that in November 2022, when FTX failed, the price of the BGB token lost decidedly little, so much so that it did not remain well above the 2022 annual low.
Perhaps the resounding performance in 2023 is due precisely to the fact that Bitget benefited from the problems of its competitors, which seems borne out by the fact that it rose to fourth place overall for the CEXs on TokenInsight.
Source: https://en.cryptonomist.ch/2023/05/17/bitget-crypto-winter-over/